The Explanation provides: "Explanation In the case of a banking company, (a) the amount which bears to the aggregate of its expenses as are admissible under sub section (2) of section 10, other than clauses (iii), (vi), (vi a), (vi b), (vii), (viii), (xi), (xii), (xiii) and (xiv) th ereof, the same proportion as the gross receipts from interest on securities inclusive of tax deducted at source) chargeable to tax under this section bears to the gross receipts from all sources which are included in the profit and loss account of the company, shall be deemed to be the sum reasonably expended by it for the purpose of realising such interest,, and the amount for which allowance is admissible under sub section (2) of section 10 shall be reduced correspondingly; and (b) money borrowed shall include moneys received by way of deposits; and that amount which bears to the amount of interest payable on moneys borrowed the same proportion as the gross receipts from interest on securities (inclusive of tax deducted at source) chargeable to tax under this section bears to the gross receipts from all sources which are included in the profit and loss account of the company, shall be deemed to be interest payable on money borrowed for the purpose of investment in the securities by the assessee, and the amount of such interest for which allowance is due under sub section (2) of section 10 shall be reduced correspondingly." and 35 (b) money borrowed shall include moneys received by way of deposits; and that amount which bears to the amount of interest payable on moneys borrowed the same proportion as the gross receipts from interest on securities (inclusive of tax deducted at source) chargeable to tax under this section bears to the gross receipts from all sources which are included in the profit and loss account of the company, shall be deemed to be interest payable on money borrowed for the purpose of investment in the securities by the assessee, and the amount of such interest for which allowance is due under sub section (2) of section 10 shall be reduced correspondingly.