https://www.taxtmi.com/caselaws?id=261049 Interest earned by a primary cooperative bank on voluntary investment of non-statutory funds was treated as income arising from its banking operations. The Calcutta HC noted that banking under section 5(b) of the Banking Regulation Act includes acceptance of deposits for lending or investment, and that section 56(c) extends this framework to cooperative banks. On those facts, the investment activity was regarded as part of the bank's business, so the interest was characterised as business income and found eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. en-us Tue, 02 Jun 2015 00:00:00 +0530 Wed, 01 Jul 2015 06:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261049 Interest earned by a primary cooperative bank on voluntary investment of non-statutory funds was treated as income arising from its banking operations. The Calcutta HC noted that banking under section 5(b) of the Banking Regulation Act includes acceptance of deposits for lending or investment, and that section 56(c) extends this framework to cooperative banks. On those facts, the investment activity was regarded as part of the bank's business, so the interest was characterised as business income and found eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. Case-Laws Income Tax Tue, 02 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261049