Bombay High Court Dismisses Revenue's Application Under Section 256(2) of Income Tax Act, 1961 — Co-operative Bank's Interest on Government Securities Held Eligible for Deduction Under Section 80P(2)(a)(i). The Court upheld the Tribunal's finding that interest income from securities forming part of statutory reserve fund is attributable to the business of banking and qualifies for deduction.
16 Aug 2005The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, seeking a reference to the Hig...




