https://www.taxtmi.com/caselaws?id=22545 The High Court ruled against the assessee, holding that the deduction under section 37(2A) of the Income-tax Act should be determined based solely on income under the head "Profits and gains from business," and not combined with income from other sources like interest on securities. The Court emphasized that each source of income must be assessed separately based on the specific provisions governing its computation, disallowing the bank from claiming the benefit of classifying its income under different heads to avail the deduction. en-us Thu, 22 Nov 1990 00:00:00 +0530 Fri, 11 Dec 2009 11:04:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22545 The High Court ruled against the assessee, holding that the deduction under section 37(2A) of the Income-tax Act should be determined based solely on income under the head "Profits and gains from business," and not combined with income from other sources like interest on securities. The Court emphasized that each source of income must be assessed separately based on the specific provisions governing its computation, disallowing the bank from claiming the benefit of classifying its income under different heads to avail the deduction. Case-Laws Income Tax Thu, 22 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22545