https://www.taxtmi.com/caselaws?id=11371 The High Court of Karnataka upheld the Tribunal's decision that a co-operative bank was entitled to a deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961, for interest and dividend income from investments. The Supreme Court emphasized that income from investments of voluntary reserves used in ordinary banking business qualifies for the deduction. The Court rejected the Commissioner's view that the deduction was limited to investments from statutory reserve funds, stating that investments for earning interest are part of normal banking operations. The appeal by the Department challenging the Tribunal's decision was dismissed. en-us Thu, 05 Sep 2002 00:00:00 +0530 Fri, 07 Aug 2009 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11371 The High Court of Karnataka upheld the Tribunal's decision that a co-operative bank was entitled to a deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961, for interest and dividend income from investments. The Supreme Court emphasized that income from investments of voluntary reserves used in ordinary banking business qualifies for the deduction. The Court rejected the Commissioner's view that the deduction was limited to investments from statutory reserve funds, stating that investments for earning interest are part of normal banking operations. The appeal by the Department challenging the Tribunal's decision was dismissed. Case-Laws Income Tax Thu, 05 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11371