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2013 (12) TMI 1372 - HC - Income TaxInterest earned on non-SLR funds - Held that:- Following CIT v. The Goa Urban Co-operative Bank Ltd [2009 (7) TMI 1150 - BOMBAY HIGH COURT] - 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 - Decided against Revenue.
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