2011 (4) TMI 74 - HC - Income Tax

Deduction u/s 80P(2)(a)(i)- Disallowing deduction in respect of income earned from utilization of its reserve funds being statutory reserves u/s 67(2) - Held that the matter is covered against the revenue by order of this Court dated 2.2.2010 in CIT v. M/s Shivalik Kshetriya Gramin Bank - Accordingly these appeals are dismissed.

Summary

The High Court of Punjab and Haryana dismissed appeals related to deduction claims under Section 80P of the Income Tax Act, 1961, for a bank's income earned from reserve funds. The decision was based on a previous order in a similar case. The appeals were numbered as I.T.A. Nos. 25, 26, 28, and 29 of 2011.