Commissioner Of Income Tax vs Bangalore Distt. Co-Operative Central Bank Ltd.

Authority: Supreme Court Date: 1998-07-24 AY: 1977-78, 1978-79, 1979-80 Section: 80P Acts: Income Tax Act 1961, Banking Regulation Act 1949, Karnataka Co-operative Societies Act 1959 Result: Assessee Citation: (1998) 148 CTR (SC) 226 : (1998) 233 ITR 282 (SC) : (1998) 99 TAXMAN 404 Justices: Mrs. Sujata V. Manohar & M. Srinivasan, JJ. Appeal No: Civil Appeal Nos. 1300 to 1302 of 1993*
Whether interest income from Government securities and dividends from shares held by a cooperative bank qualifies for deduction under Section 80P(2)(a)(i) of the Income Tax Act 1961 as profits and gains attributable to banking business --- Held Yes, as the Tribunal's factual finding that the income was attributable to the business was not challenged.

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