Co-Operative Bank can claim deduction u/s. 80P on underwriting commission / interest income on PSEB / IDBI Bonds

SUPREME COURT OF INDIA Commissioner of Income-tax, Jalandhar v/s. Nawanshahar Central Co-op. Bank Ltd. CIVIL APPEAL NOs. 5975 & 5976 OF 2004 AUGUST 30, 2012 ORDER Heard learned counsel on both sides. The civil appeals are dismissed. No order as to costs. ORDER Heard learned counsel on both sides. In these appeals, following questions of law arise for determination: “[a]  Whether the High Court was justified in holding that the Respondent-Assessee was entitled for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961 in respect of income from underwriting ...