https://www.taxtmi.com/caselaws?id=10131 The court ruled in favor of the assessee, determining that income from investments in securities for banking purposes qualifies as income from banking business and is exempt under section 80(2)(a)(i) of the Income-tax Act, 1961. The court's decision was based on legal precedents, including the Karnataka State Co-operative Apex Bank case, which established that such income is exempt. Consequently, the court rejected the Revenue's contentions, answering all three issues in favor of the assessee and concluding that no costs should be imposed. en-us Fri, 05 Sep 2003 00:00:00 +0530 Wed, 08 Jul 2009 06:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10131 The court ruled in favor of the assessee, determining that income from investments in securities for banking purposes qualifies as income from banking business and is exempt under section 80(2)(a)(i) of the Income-tax Act, 1961. The court's decision was based on legal precedents, including the Karnataka State Co-operative Apex Bank case, which established that such income is exempt. Consequently, the court rejected the Revenue's contentions, answering all three issues in favor of the assessee and concluding that no costs should be imposed. Case-Laws Income Tax Fri, 05 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10131