- (1.) Delay condoned.
(2.) Leave granted.
(3.) This Court has consistently held that investments made by a banking concern are part of the business of banking. The income arising from such investments would, therefore, be attributable to the business of bank falling under the head "Profits and Gains of business" and thus deductible under Section80-P (2)(a)(i) of the Income Tax Act 1961. This has been so held in Bihar State Cooperative Bank Ltd. v. Commissioner of Income Tax (39 ITR 114), Commissioner of Income Tax, Karnataka-III v. Karnataka State Cooperative Apex Bank (2001 Supp. (2) SCR 35, Commissioner of Income Tax v. Ramanathapuram District Cooperative Central Bank Ltd. (2002 (255) ITR 77.;