2001 (10) TMI 9 - SCH - Income Tax

Whether the Appellate Tribunal was correct in law in holding that the interest on securities, subsidies received from the Government and dividend business income of the assessee entitled to deduction under section 80P(2)(a)(i) - held that answer to the question has been correctly given in the decision of this court in CIT v. Karnataka State Co-operative Apex Bank aforementioned and in the order under appeal - hence revenue's appeal is dismissed

Summary

The Supreme Court dismissed civil appeals, affirming that interest on securities, subsidies, and dividend business income are entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The court reiterated its previous decisions and rejected the Revenue's argument based on a previous case.