The Commissioner of Income Tax-II vs. The Andhra Bank Employees Co.Operative Bank Limited
In the result, for the above reasons, these appeals fail and
ITTA/243/2007HC Telangana07 Jun 2011
Bench: V.V.S.RAO,RAMESH RANGANATHAN
Section 260ASection 46Section 80P(2)(a)
546/- as
statutory reserve invested in short term and long term deposits.
During the assessment year the interest income from the deposits
stood at Rs.7,02,69,336/-. This was claimed as deduction being
interest from the business of banking. Out of this, an amount of
Rs.6,95,66,643/- was disallowed by the assessing officer on the
ground that
