https://www.taxtmi.com/caselaws?id=181557 The High Court upheld the ITAT decision, allowing the deduction under section 80P(2)(a)(i) of the Income Tax Act for interest income on fixed deposits from non-cooperative banks. The Court held that such investments by Cooperative banks constitute banking business, making the income attributable to the business of banking and therefore deductible. The Court distinguished this case from decisions related to Cooperative Sale Societies, emphasizing that income from investments by Cooperative banks is eligible for the deduction. The appeal by the Revenue was dismissed, and no costs were awarded. en-us Thu, 28 Jul 2011 00:00:00 +0530 Tue, 19 Apr 2016 18:19:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181557 The High Court upheld the ITAT decision, allowing the deduction under section 80P(2)(a)(i) of the Income Tax Act for interest income on fixed deposits from non-cooperative banks. The Court held that such investments by Cooperative banks constitute banking business, making the income attributable to the business of banking and therefore deductible. The Court distinguished this case from decisions related to Cooperative Sale Societies, emphasizing that income from investments by Cooperative banks is eligible for the deduction. The appeal by the Revenue was dismissed, and no costs were awarded. Case-Laws Income Tax Thu, 28 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181557