https://www.taxtmi.com/caselaws?id=56563 Income earned by a co-operative bank from investments, banking-related deposits, Government securities, reserve fund investments, and safe deposit vault services was treated as attributable to its banking business. The governing principle applied was that receipts having a direct and proximate nexus with banking operations are business income, not income from other sources. On that basis, interest, discount, commission, exchange, brokerage, miscellaneous income, and locker rent were regarded as eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. en-us Mon, 17 Jul 2006 00:00:00 +0530 Sat, 04 Dec 2010 15:29:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56563 Income earned by a co-operative bank from investments, banking-related deposits, Government securities, reserve fund investments, and safe deposit vault services was treated as attributable to its banking business. The governing principle applied was that receipts having a direct and proximate nexus with banking operations are business income, not income from other sources. On that basis, interest, discount, commission, exchange, brokerage, miscellaneous income, and locker rent were regarded as eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 17 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56563