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2005 (8) TMI 28 - SCH - Income Tax
Special deduction - Assessee-cooperative society carrying on business of banking statutorily required to place a part of its funds in approved securities, the income attributable thereto is deductible u/s 80P(2)
The Supreme Court of India held that investments made by a banking concern are part of the business of banking, and the income from such investments is deductible under Sec.80-P (2)(a)(i) of the Income Tax Act 1961. This principle applies to cooperative banks required to invest in approved securities. The appeals were dismissed without costs.
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