Approval under section 36(1)(viii) permits tax deduction subject to special reserve, audited filings and compliance requirements. Approval is granted to Synergy Mortgage Loan Co. Ltd. for the tax deduction mechanism applicable to long-term housing finance, subject to conditions: the company's main object must be providing long-term finance for residential housing; annual submission of audited profit and loss account, balance-sheet and the statement of deduction before the return filing due date; creation and maintenance of the required special reserve; and fulfillment of all other statutory conditions governing the deduction.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 36(1)(viii) permits tax deduction subject to special reserve, audited filings and compliance requirements.
Approval is granted to Synergy Mortgage Loan Co. Ltd. for the tax deduction mechanism applicable to long-term housing finance, subject to conditions: the company's main object must be providing long-term finance for residential housing; annual submission of audited profit and loss account, balance-sheet and the statement of deduction before the return filing due date; creation and maintenance of the required special reserve; and fulfillment of all other statutory conditions governing the deduction.
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