https://www.taxtmi.com/caselaws?id=6031 The SC held that interest earned on funds mandatorily placed with the State Bank or Reserve Bank arises from the assessee's banking business and is exempt under section 80P(2)(a)(i). The Court rejected the narrower view that the provision applies only to income from circulating or working capital, overruling the contrary earlier decision, and answered the question in favour of the assessee. The civil appeals were dismissed. en-us Wed, 22 Aug 2001 00:00:00 +0530 Fri, 03 Oct 2025 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6031 The SC held that interest earned on funds mandatorily placed with the State Bank or Reserve Bank arises from the assessee's banking business and is exempt under section 80P(2)(a)(i). The Court rejected the narrower view that the provision applies only to income from circulating or working capital, overruling the contrary earlier decision, and answered the question in favour of the assessee. The civil appeals were dismissed. Case-Laws Income Tax Wed, 22 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6031