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2008 (3) TMI 305 - HC - Income TaxWhether interest earned by Banks on Govternment securities is chargeable to tax under the Interest-tax Act, 1974 – deletion of exclusion clause in S. 2(7) - that interest on securities of the Government, whatever be the nature of security, cannot be treated as a loan or advance and consequently interest from security cannot be assessed under the Interest-tax Act - Tribunal is right holding that interest-tax is not payable under the Interest-tax Act, 1974, as amended by the Finance (No. 2) Act of 1991, on interest on Government securities received by the respondent-banks
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