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.…
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