https://www.taxtmi.com/caselaws?id=56226 Income from deployment of earmarked reserve funds in banks other than co-operative banks is treated as outside the core banking activity for section 80P(2)(a)(i), so deduction is not available on the gross interest, though proportionate expenditure may be allowed on verification. Locker rent is also treated as not sufficiently connected with banking operations to qualify for the same exemption. Commission, exchange and brokerage receipts require clear factual evidence of nexus with the banking business before exemption can be tested, so fresh verification is needed. The dividend claim was remitted for factual reconsideration where material particulars were not before the lower authority. en-us Wed, 03 Dec 1997 00:00:00 +0530 Thu, 02 Dec 2010 14:39:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56226 Income from deployment of earmarked reserve funds in banks other than co-operative banks is treated as outside the core banking activity for section 80P(2)(a)(i), so deduction is not available on the gross interest, though proportionate expenditure may be allowed on verification. Locker rent is also treated as not sufficiently connected with banking operations to qualify for the same exemption. Commission, exchange and brokerage receipts require clear factual evidence of nexus with the banking business before exemption can be tested, so fresh verification is needed. The dividend claim was remitted for factual reconsideration where material particulars were not before the lower authority. Case-Laws Income Tax Wed, 03 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56226