https://www.taxtmi.com/caselaws?id=221301 The Allahabad High Court clarified the interpretation of Section 80P(2)(a) of the Income Tax Act, 1961, regarding deductions for cooperative banks engaged in banking business. The Court upheld that interest on "Non SLR investments"/CTR qualifies for deduction under Section 80P(2)(a) without establishing fund utilization in the business course. Investments made by cooperative societies outside permissible limits of Regional Rural Bank were considered eligible for deduction under the same provision. The appeal was dismissed, including the cancellation of the penalty under section 271-B of the Act. en-us Wed, 16 Jan 2013 00:00:00 +0530 Fri, 01 Mar 2013 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221301 The Allahabad High Court clarified the interpretation of Section 80P(2)(a) of the Income Tax Act, 1961, regarding deductions for cooperative banks engaged in banking business. The Court upheld that interest on "Non SLR investments"/CTR qualifies for deduction under Section 80P(2)(a) without establishing fund utilization in the business course. Investments made by cooperative societies outside permissible limits of Regional Rural Bank were considered eligible for deduction under the same provision. The appeal was dismissed, including the cancellation of the penalty under section 271-B of the Act. Case-Laws Income Tax Wed, 16 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221301