2012 (9) TMI 404 - SCH - Income Tax

Entitlement for deduction u/s 80P(2)(a)(i)- underwriting commission and interest on PSEB Bonds and IDBI Bonds - Held that - As decided in CIT v. Nawanshahar Central Cooperative Bank Limited 2005 (8) TMI 28 - SUPREME COURT OF INDIA 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) - against revenue.

Summary

The Supreme Court dismissed civil appeals regarding deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961 for income from underwriting commission and bonds. The appeals were dismissed based on a previous court decision. No order was given regarding costs.