https://www.taxtmi.com/caselaws?id=20685 Interest earned on outstanding balances from supply of goods was held not to fall within the exemption under section 80P(2)(a)(i) because "providing credit facilities" was construed in the context of banking activity and not as a separate business of selling goods on credit. The Court treated sale on credit as only a method of conducting the sale transaction, not as carrying on credit-facility business. Interest from bank deposits was also examined against this banking-linked interpretation, and the analysis was supported by the definition of banking in section 5(b) of the Banking Regulation Act, 1949. en-us Tue, 13 Oct 1992 00:00:00 +0530 Mon, 16 Nov 2009 15:42:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20685 Interest earned on outstanding balances from supply of goods was held not to fall within the exemption under section 80P(2)(a)(i) because "providing credit facilities" was construed in the context of banking activity and not as a separate business of selling goods on credit. The Court treated sale on credit as only a method of conducting the sale transaction, not as carrying on credit-facility business. Interest from bank deposits was also examined against this banking-linked interpretation, and the analysis was supported by the definition of banking in section 5(b) of the Banking Regulation Act, 1949. Case-Laws Income Tax Tue, 13 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20685