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2003 (1) TMI 37 - HC - Income TaxWhether the assessee is entitled to deduction under section 80P(2)(a)(i) in respect of the income from the investment of rupees two crores in the purchase of 13.5 per cent. PSEB Bonds, 2003 First Series - It has been found as a fact that the investment in PSEB bonds is towards statutory reserves and, therefore, the claim of the assessee for deduction under section 80P(2)(a)(i) in respect of the income derived from the aforesaid bonds is clearly admissible in view of the decisions of the apex court in Karnataka State Co-operative Apex Bank's case and Mehsana District Central Co-operative Bank Ltd.'s case - there is no merit in the present appeals which are, accordingly, dismissed in limine.
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