https://www.taxtmi.com/caselaws?id=11372 The High Court of Karnataka upheld the Tribunal's decision allowing a cooperative bank to claim deduction under section 80P(2)(a)(i) of the Income-tax Act for interest and dividend income from investments in other banking institutions. Citing the precedent set in CIT v. Sri Ram Sahakari Bank Ltd., the court emphasized the commercial nature of banking operations and affirmed that such income qualifies for the deduction. The court dismissed the appeal, ruling in favor of the cooperative bank and denying costs. en-us Thu, 07 Aug 2003 00:00:00 +0530 Fri, 07 Aug 2009 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11372 The High Court of Karnataka upheld the Tribunal's decision allowing a cooperative bank to claim deduction under section 80P(2)(a)(i) of the Income-tax Act for interest and dividend income from investments in other banking institutions. Citing the precedent set in CIT v. Sri Ram Sahakari Bank Ltd., the court emphasized the commercial nature of banking operations and affirmed that such income qualifies for the deduction. The court dismissed the appeal, ruling in favor of the cooperative bank and denying costs. Case-Laws Income Tax Thu, 07 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11372