https://www.taxtmi.com/caselaws?id=28046 The Madras HC commentary explains that, for section 80P(2)(a)(i) of the Income-tax Act, interest on securities kept as statutorily required liquid assets by a co-operative bank is treated as income attributable to banking business because the securities are maintained under the Banking Regulation Act and RBI directions, not as mere investments. It also states that government subsidies granted to open branches and lend at concessional rates have a sufficient nexus with banking operations and are likewise deductible. The stated ratio is that "attributable to" is broader than "derived from" and covers receipts with a real connection to the banking business. en-us Tue, 07 Feb 1984 00:00:00 +0530 Wed, 17 Feb 2010 15:57:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28046 The Madras HC commentary explains that, for section 80P(2)(a)(i) of the Income-tax Act, interest on securities kept as statutorily required liquid assets by a co-operative bank is treated as income attributable to banking business because the securities are maintained under the Banking Regulation Act and RBI directions, not as mere investments. It also states that government subsidies granted to open branches and lend at concessional rates have a sufficient nexus with banking operations and are likewise deductible. The stated ratio is that "attributable to" is broader than "derived from" and covers receipts with a real connection to the banking business. Case-Laws Income Tax Tue, 07 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28046