https://www.taxtmi.com/caselaws?id=184257 A cooperative bank's income from investments made out of statutory funds and from the sale of approved securities was treated as business income eligible for deduction under section 80P(2)(a)(i), because those investments were part of the banking business and retained that character. The deduction could not be denied merely because the sale proceeds were later parked with banks or institutions not approved under section 71 of the Gujarat Cooperative Societies Act, since the relevant inquiry was the character of the original income and not the later deployment of funds. The Tribunal's allowance of the deduction was therefore affirmed. en-us Tue, 20 Sep 2011 00:00:00 +0530 Mon, 04 Jul 2016 13:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184257 A cooperative bank's income from investments made out of statutory funds and from the sale of approved securities was treated as business income eligible for deduction under section 80P(2)(a)(i), because those investments were part of the banking business and retained that character. The deduction could not be denied merely because the sale proceeds were later parked with banks or institutions not approved under section 71 of the Gujarat Cooperative Societies Act, since the relevant inquiry was the character of the original income and not the later deployment of funds. The Tribunal's allowance of the deduction was therefore affirmed. Case-Laws Income Tax Tue, 20 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184257