Meaning of tax terms

Meaning of “Income attributable to banking activity

Posted on by Prashant Thakur

Case Name : Gujarat State Co-Operative Bank Ltd. Vs. CIT

Citation :[2001] 119 TAXMAN 160/250 ITR 229 (GUJ.)

Court : Gujarat High Court

Section : 80P

Meaning : The expression ‘income attributable to banking activity’ is to be confined to income arising on deposits of ‘banking reserves’ only and not on deposits of other surplus funds of the bank like statutory reserves under section 67 of the gujarat co-operative societies act, 1961 and the voluntary reserves.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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