https://www.taxtmi.com/caselaws?id=241707 The Supreme Court held that interest earned by a Co-operative Bank on deposits of non-SLR funds qualifies for exemption under Section 80-P (2) (a) (i) of the Income Tax Act, 1961. The Court relied on precedents to establish that such interest is attributable to banking business and deductible under the mentioned provision. The Tribunal's decision was upheld, affirming that interest from non-SLR deposits falls within the scope of the exemption. The Court ruled in favor of the respondent assessee, directing the department to act accordingly. en-us Fri, 31 Aug 2012 00:00:00 +0530 Sat, 28 Dec 2013 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241707 The Supreme Court held that interest earned by a Co-operative Bank on deposits of non-SLR funds qualifies for exemption under Section 80-P (2) (a) (i) of the Income Tax Act, 1961. The Court relied on precedents to establish that such interest is attributable to banking business and deductible under the mentioned provision. The Tribunal's decision was upheld, affirming that interest from non-SLR deposits falls within the scope of the exemption. The Court ruled in favor of the respondent assessee, directing the department to act accordingly. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241707