{"id":41379,"date":"2024-04-05T16:03:58","date_gmt":"2024-04-05T10:33:58","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-paschim-banga-gramin-bank-2023459-itr-491-2024-158-taxmann-com-460-calhc\/"},"modified":"2024-04-05T16:03:58","modified_gmt":"2024-04-05T10:33:58","slug":"cit-v-paschim-banga-gramin-bank-2023459-itr-491-2024-158-taxmann-com-460-calhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-paschim-banga-gramin-bank-2023459-itr-491-2024-158-taxmann-com-460-calhc\/","title":{"rendered":"CIT v. Paschim Banga Gramin Bank (2023)459 ITR 491\/(2024) 158 taxmann.com 460 (Cal)(HC)"},"content":{"rendered":"<p>Held, dismissing the appeal, that interest arising from investment made, in compliance with the statutory provisions to enable the co-operative society to carry on banking business, out of reserve fund by such society engaged in banking business, is exempt under section\u00a080P(2)(a)(i)\u00a0of the Act. Further, the placement of such funds being imperative for the purpose of carrying on banking business the income therefrom would be income from the assessee\u2019s business. Therefore, the assessee was entitled to deduction under section\u00a080P(2)(a)(i)\u00a0of the Act in respect of interest earned from funds utilised for such statutory reserves.(AY.2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 80P : Co-operative societies-Banking business-Interest earned from funds utilised for statutory reserves-Entitle to deduction. [S. 80P(2)(a)(i)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-41379","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aLp","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=41379"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41379\/revisions"}],"predecessor-version":[{"id":41380,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41379\/revisions\/41380"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=41379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=41379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}