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1997 (4) TMI 49 - HC - Income Tax
Extract:
.......in law in allowing deduction under section 80P(2)(d) of the Income-tax Act, 1961, in respect of interest of Rs. 4,90,919 on account of interest received from Nawanshahr Central Co-operative Bank without adjusting the interest paid to the bank. Therefore, the reference is answered against the Revenue in the affirmative and in favour of the assessee.