https://www.taxtmi.com/caselaws?id=14135 Deduction under section 80P(2)(a)(i) is confined to income directly attributable to banking activity properly so called. Interest from deposits made out of statutory reserve funds under section 67(2) of the Gujarat Co-operative Societies Act was held not deductible because deployment of surplus reserve funds is not, by itself, banking activity. Interest from deposits made out of voluntary reserves was also treated as investment income lacking the required proximate nexus with banking operations and was likewise not deductible. Locker rent was considered income from a separate safe deposit vault activity, not core banking income, and was not deductible under the provision. en-us Wed, 29 Nov 2000 00:00:00 +0530 Mon, 13 Jul 2009 18:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14135 Deduction under section 80P(2)(a)(i) is confined to income directly attributable to banking activity properly so called. Interest from deposits made out of statutory reserve funds under section 67(2) of the Gujarat Co-operative Societies Act was held not deductible because deployment of surplus reserve funds is not, by itself, banking activity. Interest from deposits made out of voluntary reserves was also treated as investment income lacking the required proximate nexus with banking operations and was likewise not deductible. Locker rent was considered income from a separate safe deposit vault activity, not core banking income, and was not deductible under the provision. Case-Laws Income Tax Wed, 29 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14135