2013 (7) TMI 624

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..... stion as to whether the business is derived from or attributable to SLR or non-SLR funds would not make any difference for the purposes of qualifying the interest earned by the cooperative bank under Section 80P (2) (a) (i) as the deposits of surplus idle money available from working capital, including reserves, excess collection of interest tax and other incomes are all attributable to the busine .....

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..... nal relating to the assessment year 2006-07. The revenue has preferred the appeal on the following substantial questions of law : "(1) Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that the income earned by the assessee from voluntary reserve is its income from business or profession and not the income which is to be assessed under the head inc .....

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..... perative bank under Section 80P (2) (a) (i) as the deposits of surplus idle money available from working capital, including reserves, excess collection of interest tax and other incomes are all attributable to the business of banking. The interest from such deposits cannot be said to be beyond the legitimate business activities of the bank. For the aforesaid reasons, we do not find that the Inco .....

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