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2013 (7) TMI 624 - ALLAHABAD HIGH COURTIncome from other sources - Income from voluntary reserve - Whether income earned by the assessee from voluntary reserve is its income from business or profession and not the income which is to be assessed under the head income from other sources - Held that:- The question as to whether the business is derived from or attributable to SLR or non-SLR funds would not make any difference for the purposes of qualifying the interest earned by the cooperative bank under Section 80P (2) (a) (i) as the deposits of surplus idle money available from working capital, including reserves, excess collection of interest tax and other incomes are all attributable to the business of banking. The interest from such deposits cannot be said to be beyond the legitimate business activities of the bank - Following decision of Commissioner of Income Tax Vs. M/s District Co-operative Bank Ltd [2013 (7) TMI 560 - ALLAHABAD HIGH COURT] - Decided against the revenue.
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