2010 (1) TMI 23

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..... SLR) is also in relation to banking activity. Hence the income accrued out of such deposit also attributable to the bank business and deductible under Section 80P(2)(a)(i) of the Act – income is eligible for deduction. - 83 of 2007 - - - Dated:- 6-1-2010 - Petitioner Counsel:- A.N. Mahajan Hon'ble Rajes Kumar,J. Hon'ble Subhash Chandra Nigam,J. This appeal under Section 260-A of the I .....

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..... . Nawanshahar Central Co-operative Bank Ltd. reported in 289 ITR 6 (SC) wherein it has been held that where a Co-operative Bank carrying on business of banking is statutorily required to place a part of its funds in approved securities, the income is attributable thereto is the business of banking and is deductable under Section 80P(2)(a)(i) of the Act. It is not the case of revenue that the asses .....

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