Section 48(2) in The State Bank Of India (Subsidiary Banks) Act, 1959
(2)For the purposes of the [Income tax-Act, 1961] [Substituted [Indian Income-tax Act, 1922] by Act 30 of 2007 (w.e.f. 18.6.2007) ] (11 of 1922), any subsidy received by a subsidiary bank under sub-section (1) shall not be treated as income, profits or gains of the subsidiary bank.
