Approval under section 36(1)(viii) confers deduction eligibility subject to compliance and annual reporting and reserve maintenance requirements. Approval is granted to M/s Manipal Housing Finance Syndicate Limited under section 36(1)(viii), making it eligible to claim the specified deduction provided it carries on the business of providing long term finance for residential houses, files annually its audited profit and loss account and balance sheet with the statement of deduction by the return due date, creates and maintains the required special reserve, and satisfies all other conditions of the section.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 36(1)(viii) confers deduction eligibility subject to compliance and annual reporting and reserve maintenance requirements.
Approval is granted to M/s Manipal Housing Finance Syndicate Limited under section 36(1)(viii), making it eligible to claim the specified deduction provided it carries on the business of providing long term finance for residential houses, files annually its audited profit and loss account and balance sheet with the statement of deduction by the return due date, creates and maintains the required special reserve, and satisfies all other conditions of the section.
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