https://www.taxtmi.com/caselaws?id=56458 Interest earned on reserve-fund investments by a co-operative bank was treated as income from non-trading assets, because the funds were subject to statutory control and were not part of circulating capital or stock-in-trade. On that footing, the Tribunal held that such interest did not qualify for exemption under section 80P(2)(a)(i), and the disallowance was upheld. However, when computing the amount denied exemption, the Tribunal accepted that proportionate administrative expenses attributable to earning the interest had to be deducted, so the disallowance was confined to net interest income. The assessee obtained only partial relief on this alternative computational issue. en-us Wed, 21 Jun 2000 00:00:00 +0530 Fri, 03 Dec 2010 17:41:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56458 Interest earned on reserve-fund investments by a co-operative bank was treated as income from non-trading assets, because the funds were subject to statutory control and were not part of circulating capital or stock-in-trade. On that footing, the Tribunal held that such interest did not qualify for exemption under section 80P(2)(a)(i), and the disallowance was upheld. However, when computing the amount denied exemption, the Tribunal accepted that proportionate administrative expenses attributable to earning the interest had to be deducted, so the disallowance was confined to net interest income. The assessee obtained only partial relief on this alternative computational issue. Case-Laws Income Tax Wed, 21 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56458