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2007 (7) TMI 224 - PUNJAB AND HARYANA HIGH COURTAssessee is a Co-operative Bank engaged in the business of banking – deduction claimed u/s 80P(2)(a)(i) in respect of income earned from utilization of its voluntary reserves other than the statutory reserves, in HDFC bonds – AO disallowed deduction on ground that HDFC is not an approved securities as RBI or NABARD – since it is not mandatory to invest funds only in approved securities like RBI, income from HDFC bonds is allowable for deduction u/s 80P(2)(a)(i)
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