Substitution of New Section For Section 80-L

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..... (1) Where the gross total income of an assessee includes any income by way of - (i) interest on any security of the Central Government or a State Government (not being interest payable under Section 280-D in respect of any annuity deposit made under Chapter XXII-A); (ii) interest on such debentures, issued by any co-operative society (including a co-operative land mortgage bank or a co-operative l .....

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..... and development) bank; or (vii) interest on deposits with a financial corporation which is engaged in providing long-term finance for industrial development in India and which is approved by the Central Government for the purposes of clause (viii) of sub-section (1) of Section 36, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total inco .....

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