https://www.taxtmi.com/caselaws?id=235466 The High Court dismissed the Income Tax Appeal, upholding the Tribunal's decision that income earned from voluntary reserves by a Co-operative Society engaged in banking qualifies for exemption under Section 80P(a)(i) of the Income Tax Act. The Court determined that such income is attributable to the business of banking and not from other sources. The judgment favored the respondent assessee, concluding that the revenue's arguments lacked merit and affirming the allowability of deduction under section 80-P(a)(i) for the Co-operative Society. en-us Mon, 15 Jul 2013 00:00:00 +0530 Mon, 22 Jul 2013 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235466 The High Court dismissed the Income Tax Appeal, upholding the Tribunal's decision that income earned from voluntary reserves by a Co-operative Society engaged in banking qualifies for exemption under Section 80P(a)(i) of the Income Tax Act. The Court determined that such income is attributable to the business of banking and not from other sources. The judgment favored the respondent assessee, concluding that the revenue's arguments lacked merit and affirming the allowability of deduction under section 80-P(a)(i) for the Co-operative Society. Case-Laws Income Tax Mon, 15 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235466