https://www.taxtmi.com/caselaws?id=329595 Income derived by a cooperative bank from sale of approved securities and allied banking activities qualified for deduction under section 80P(2)(a)(i) because it formed part of the bank's banking business. The Court further held that the deduction could not be denied merely because the sale proceeds were later placed in investments not approved under the Gujarat Cooperative Societies Act, as the relevant enquiry was the character of the income from the sale itself, not the later use of the proceeds. On that basis, the assessee remained entitled to the deduction and the Revenue's challenge failed. en-us Tue, 21 Jun 2016 00:00:00 +0530 Mon, 04 Jul 2016 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329595 Income derived by a cooperative bank from sale of approved securities and allied banking activities qualified for deduction under section 80P(2)(a)(i) because it formed part of the bank's banking business. The Court further held that the deduction could not be denied merely because the sale proceeds were later placed in investments not approved under the Gujarat Cooperative Societies Act, as the relevant enquiry was the character of the income from the sale itself, not the later use of the proceeds. On that basis, the assessee remained entitled to the deduction and the Revenue's challenge failed. Case-Laws Income Tax Tue, 21 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329595