https://www.taxtmi.com/caselaws?id=218576 The High Court of Himachal Pradesh ruled in favor of the assessee concerning the interpretation of Section 80P(2)(a)(i) of the Income Tax Act, holding that interest earned on deposits by a bank is directly attributable to the business of banking. The court also found in favor of the assessee based on the application of a previous Supreme Court judgment related to income from the investment of statutory reserves. As a result, the appeals were dismissed, upholding the decision in favor of the assessee in accordance with established legal principles and interpretations of the Income Tax Act. en-us Tue, 06 Nov 2012 00:00:00 +0530 Tue, 20 Nov 2012 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218576 The High Court of Himachal Pradesh ruled in favor of the assessee concerning the interpretation of Section 80P(2)(a)(i) of the Income Tax Act, holding that interest earned on deposits by a bank is directly attributable to the business of banking. The court also found in favor of the assessee based on the application of a previous Supreme Court judgment related to income from the investment of statutory reserves. As a result, the appeals were dismissed, upholding the decision in favor of the assessee in accordance with established legal principles and interpretations of the Income Tax Act. Case-Laws Income Tax Tue, 06 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218576