Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (7) TMI 296 - HIMACHAL PRADESH HIGH COURTDeduction under Section 80P(2)(a)(i) of the Income-tax Act - in respect of interest earned on deposits of non-SLR and surplus funds in non statutory reserves - Held that: - investment of the funds by the banks including the non reserves were part of the banking activities since no bank would like its reserve funds to remain idle and not earn any interest - interest earned on such deposits is directly attributable to the business of banking - questions raised are answered in favour of the assessee and against the revenue and the appeal is dismissed
|