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2009 (6) TMI 15 - HC - Income TaxDeduction u/s 80P - Interest income from KVP and IVP invested from voluntary reserves - whether to be treated as business income under section 80P(2)(a)(i)of the Income Tax Act, 1961 - the surplus funds not immediately required for day to day banking were kept in voluntary reserves and invested in KVP/IVP - there is no dispute that voluntary reserves were the funds generated from the banking business - held that in all these cases the Tribunal was justified in holding that the interest income received by the cooperative banks from the investments in KVP/IVP made out of the funds in the voluntary reserves were eligible for deduction under section 80P(2)(a)(i) of the Act.
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