https://www.taxtmi.com/caselaws?id=57356 Where a co-operative apex bank is statutorily required to invest its reserve fund in approved securities, the interest earned on those securities is income attributable to its banking business under section 80P(2)(a) of the Income-tax Act, 1961. The commercial character of the income was not altered by assessment under a separate head, and the wider expression "attributable to" was treated as sufficient to cover the compulsory reserve-fund investment. The reliance placed on authorities involving different wording or factual settings did not displace the exemption, so the exemption continued and the reassessment orders were not restored. en-us Fri, 30 Jul 1982 00:00:00 +0530 Thu, 09 Dec 2010 17:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57356 Where a co-operative apex bank is statutorily required to invest its reserve fund in approved securities, the interest earned on those securities is income attributable to its banking business under section 80P(2)(a) of the Income-tax Act, 1961. The commercial character of the income was not altered by assessment under a separate head, and the wider expression "attributable to" was treated as sufficient to cover the compulsory reserve-fund investment. The reliance placed on authorities involving different wording or factual settings did not displace the exemption, so the exemption continued and the reassessment orders were not restored. Case-Laws Income Tax Fri, 30 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57356