https://www.taxtmi.com/caselaws?id=56698 Interest earned by a co-operative bank from Government securities was treated as business income linked to banking operations because the securities were found to form part of circulating capital and were readily realisable for use in the business. Applying the view taken in an earlier similar decision, the Tribunal accepted that the income arose from stock-in-trade rather than from an independent investment activity. The result was that the interest qualified for exemption under section 80P(2)(a)(i) of the Income-tax Act, 1961. en-us Tue, 27 Mar 1979 00:00:00 +0530 Mon, 06 Dec 2010 13:39:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56698 Interest earned by a co-operative bank from Government securities was treated as business income linked to banking operations because the securities were found to form part of circulating capital and were readily realisable for use in the business. Applying the view taken in an earlier similar decision, the Tribunal accepted that the income arose from stock-in-trade rather than from an independent investment activity. The result was that the interest qualified for exemption under section 80P(2)(a)(i) of the Income-tax Act, 1961. Case-Laws Income Tax Tue, 27 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56698