https://www.taxtmi.com/caselaws?id=30551 The Court upheld the Tribunal's decision allowing the assessee-bank to claim deduction under Section 80P(2)(a)(i) of the Income-Tax Act 1961 for income earned from HDFC bonds, contrary to the revenue's argument that such income should not qualify for exemption. The Court found the revenue's compliance argument invalid as it was not raised before the Tribunal and noted no mandatory requirements necessitated investment in approved securities for banking operations. Legal precedents from previous judgments supported the Tribunal's decision, leading to the dismissal of appeals and upholding of the Tribunal's order. en-us Tue, 03 Jul 2007 00:00:00 +0530 Tue, 02 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30551 The Court upheld the Tribunal's decision allowing the assessee-bank to claim deduction under Section 80P(2)(a)(i) of the Income-Tax Act 1961 for income earned from HDFC bonds, contrary to the revenue's argument that such income should not qualify for exemption. The Court found the revenue's compliance argument invalid as it was not raised before the Tribunal and noted no mandatory requirements necessitated investment in approved securities for banking operations. Legal precedents from previous judgments supported the Tribunal's decision, leading to the dismissal of appeals and upholding of the Tribunal's order. Case-Laws Income Tax Tue, 03 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30551