https://www.taxtmi.com/caselaws?id=11244 Interest earned on reserve-fund deposits was treated as part of a co-operative bank's circulating capital and as arising from the normal course of banking business, so it fell within the exemption under section 80P(2)(a)(i). Rental income from letting out premises owned by the bank was also treated as income from banking business, because the Banking Regulation Act recognises acquisition, construction, maintenance, leasing and dealing with the bank's property as part of banking activity; it was not taxed as house property income. Both heads of income were therefore covered by the statutory exemption. en-us Wed, 22 Oct 2003 00:00:00 +0530 Mon, 03 Aug 2009 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11244 Interest earned on reserve-fund deposits was treated as part of a co-operative bank's circulating capital and as arising from the normal course of banking business, so it fell within the exemption under section 80P(2)(a)(i). Rental income from letting out premises owned by the bank was also treated as income from banking business, because the Banking Regulation Act recognises acquisition, construction, maintenance, leasing and dealing with the bank's property as part of banking activity; it was not taxed as house property income. Both heads of income were therefore covered by the statutory exemption. Case-Laws Income Tax Wed, 22 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11244