Income Tax | Interest Earned on Surplus Lending Funds Attributable to Banking Business, Qualifies for 80P Deduction: Calcutta High Court

The West Bengal State Co-operative Agriculture & Rural Development Bank Ltd., an apex cooperative society engaged in providing long-term credit facilities to its members, filed an appeal challenging the order passed by the Income Tax Appellate Tribunal, Kolkata, relating to assessment year 2013-14. The appeal was under Section 260A of the Income Tax Act, 1961. The key dispute was whether the interest income earned by the bank on its short-term…