Cooperative bank entitled to claim exemption u/s. 80P(2)(a)(i) in respect of income derived out of investments made from the voluntary reserves

CIT v Andhra Pradesh State Co-op Bank Ltd. High Court of Andhra Pradesh ITA Nos. 86 of 2003 and 711, 715, 718 of 2006, 241 and 243 of 2007, 50, 107, 149, 162, 163 and 289 of 2008, 315, 392, 410 and 413 of 2010 and 24 of 2011 Decided on: 7 June 2011  Judgment V.V.S. Rao, J 1. In this group of Income Tax Tribunal Appeals under Section 260A of the Income-tax Act, 1961 (hereafter, the Act) the common question of law raised by the Revenue is whether a cooperative society carrying on the business of banking is entitled to claim exemption under Section 80P(2)(a)(i) of the Act in res...