https://www.taxtmi.com/caselaws?id=49574 The Supreme Court held that interest received by a co-operative bank from fixed deposits constituted part of its business activities and was exempt from income tax under relevant notifications. The Court emphasized that such deposits were integral to the bank's operations and not merely surplus funds, overturning the High Court's decision. Consequently, the appeal was allowed, and costs were awarded to the appellant. en-us Mon, 22 Feb 1960 00:00:00 +0530 Wed, 03 Sep 2014 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49574 The Supreme Court held that interest received by a co-operative bank from fixed deposits constituted part of its business activities and was exempt from income tax under relevant notifications. The Court emphasized that such deposits were integral to the bank's operations and not merely surplus funds, overturning the High Court's decision. Consequently, the appeal was allowed, and costs were awarded to the appellant. Case-Laws Income Tax Mon, 22 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49574