2012 (5) TMI 87

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....te with Ms. Vandana Kuthiala, Advocate.   For the respondent: Mr. Bhupinder Gupta, Senior Advocate, with Mr. Janesh Gupta, Advocate.   Sanjay Karol, J. (oral)   Our attention is invited to the judgment rendered by the Division Bench of this Court in Commissioner of Income Tax vs. M/s H.P. State Cooperative Bank Ltd., reported in 2009 (3) SLC 393, wherein the following subst....

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.... 3. The instant appeal was admitted on the following substantial question of law:- "Whether the assessee bank was entitled to deduction under Section 80P(2)(a)(i) of the Income Tax Act in respect of interest earned on deposits made from the non-SLR funds, especially since the income so earned cannot be said to be earned from the normal banking business/activities?". 4. The aforesaid substan....