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.