2012 (5) TMI 87

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..... ench of this Court in Commissioner of Income Tax vs. M/s H.P. State Cooperative Bank Ltd (2009 - TMI - 201840 - HIMACHAL PRADESH HIGH COURT) held that interest on the deposits made by the Bank is directly attributable to the business of the banking - Deduction allowed – against revenue. - ITA No.65 of 2008 - - - Dated:- 24-4-2012 - Mr. Justice R.B.Misra, Mr. Justice Sanjay Karol, JJ. .....

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..... s made even out of the non-SLR funds whereas the income so earned cannot be said to be earned from the normal banking business/activities . 2. It is not in dispute that a bunch of appeals were filed by the Revenue, which were disposed of in terms of judgment rendered in H.P.State Co-operative Bank Ltd. (supra). For some reason, the instant appeal on similar facts was not listed alongwith the sai .....

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..... ent funds, to taxation was assailed by the assessee and in terms of impugned order dated 6.6.2008 passed by the Income Tax Appellate Tribunal Chandigarh Bench (B), assessee is held eligible for exemption from taxation under Section 80P(2)(a)(i) of the Income Tax Act. 6. The instant appeal, as we find, is squarely covered by the judgment of this Court in H.P.State Cooperative Bank Ltd. (supra) an .....

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