https://www.taxtmi.com/caselaws?id=55012 Interest earned by a Regional Rural Bank on SLR and non-SLR investments was held deductible under section 80P(2)(a)(i) because the bank is deemed a co-operative society and such investment income was attributable to its banking business. The majority rejected the narrower view that the exemption was confined to lending within the notified area. The Government receipt was also not taxable in the year under appeal on a protective basis, as it related to capital support for restructuring and substantive taxation was pending in another year. On both issues, the assessee succeeded and the adverse tax treatment was set aside. en-us Fri, 25 Nov 2005 00:00:00 +0530 Wed, 24 Nov 2010 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55012 Interest earned by a Regional Rural Bank on SLR and non-SLR investments was held deductible under section 80P(2)(a)(i) because the bank is deemed a co-operative society and such investment income was attributable to its banking business. The majority rejected the narrower view that the exemption was confined to lending within the notified area. The Government receipt was also not taxable in the year under appeal on a protective basis, as it related to capital support for restructuring and substantive taxation was pending in another year. On both issues, the assessee succeeded and the adverse tax treatment was set aside. Case-Laws Income Tax Fri, 25 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55012