https://www.taxtmi.com/caselaws?id=191223 The High Court ruled in favor of the cooperative society, holding that interest earned on investments in liquid assets like securities, which are part of circulating capital, qualifies as business income for a bank. The deductions claimed under section 80P(2)(a)(i) of the Income Tax Act, 1961 for interest on securities were allowed, emphasizing the distinction between investments from reserve funds and those forming part of circulating capital. The judgment supported the assessee's position and rejected the Revenue's arguments, affirming the eligibility of the cooperative society for the claimed deductions. en-us Tue, 28 Apr 1998 00:00:00 +0530 Sat, 25 Mar 2017 10:06:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191223 The High Court ruled in favor of the cooperative society, holding that interest earned on investments in liquid assets like securities, which are part of circulating capital, qualifies as business income for a bank. The deductions claimed under section 80P(2)(a)(i) of the Income Tax Act, 1961 for interest on securities were allowed, emphasizing the distinction between investments from reserve funds and those forming part of circulating capital. The judgment supported the assessee's position and rejected the Revenue's arguments, affirming the eligibility of the cooperative society for the claimed deductions. Case-Laws Income Tax Tue, 28 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191223