Exemption of State Co-operative Banks from interest-tax, removing levy on interest accruing after the notified effective date. Central Government, invoking section 28 of the Interest-tax Act, 1974 on the Reserve Bank of India's recommendation and in the public interest, exempts State Co-operative Banks (as defined in clause (f) of section 2 of the Reserve Bank of India Act, 1934 and included in its Second Schedule) from the levy of interest-tax on interest accruing or arising after 30th June, 1980.
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Provisions expressly mentioned in the judgment/order text.
Exemption of State Co-operative Banks from interest-tax, removing levy on interest accruing after the notified effective date.
Central Government, invoking section 28 of the Interest-tax Act, 1974 on the Reserve Bank of India's recommendation and in the public interest, exempts State Co-operative Banks (as defined in clause (f) of section 2 of the Reserve Bank of India Act, 1934 and included in its Second Schedule) from the levy of interest-tax on interest accruing or arising after 30th June, 1980.
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