Supreme Court of India
Commissioner of Income Tax, Karnataka-iii v. Karnataka State Cooperative Apex Bank
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Income Tax Act, 1961: Section 80-P(2)(a)(i) Assessee-Co-operative Bank-Imperative requirement to place part of funds with State Bank or Reserve Bank-Income derivedfi"omfunds so placed- Held, such income is income derived fi"om Assessee's business-Assessee not required to pay tax thereon-Provision contained in Section 80-P(2)(a)(i) does not make it applicable onlv to income derivedfi"om working or circulating capital. These appeals have been preferred by Revenue. The question in these appeals is whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law
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