https://www.taxtmi.com/caselaws?id=69705 Interest on deposits placed in a foreign branch of an Indian banking company qualifies for relief under section 80L because the branch is not a separate legal entity from the parent bank. The depositor's relationship remains with the banking company itself, and the foreign location of the branch does not change the character of the deposit. On that basis, deposits with the branch were treated as deposits with a banking company governed by the Banking Regulation Act, 1949, and the deduction claim was accepted. en-us Tue, 26 Sep 1978 00:00:00 +0530 Mon, 11 Apr 2011 16:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69705 Interest on deposits placed in a foreign branch of an Indian banking company qualifies for relief under section 80L because the branch is not a separate legal entity from the parent bank. The depositor's relationship remains with the banking company itself, and the foreign location of the branch does not change the character of the deposit. On that basis, deposits with the branch were treated as deposits with a banking company governed by the Banking Regulation Act, 1949, and the deduction claim was accepted. Case-Laws Income Tax Tue, 26 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69705