https://www.taxtmi.com/caselaws?id=240151 Deduction under section 36(1)(viii) is confined to income truly derived from the business of providing long-term finance as statutorily defined. Lease and hire purchase receipts require examination of the actual agreements to decide whether they are finance transactions in substance, so those issues were remitted for fresh consideration. Interest on short-term deposits was treated as outside the scope of long-term finance, while interest on non-performing assets was not to be recognised on accrual where RBI prudential norms required non-recognition. Levy of interest under section 234D depended on the date of completion of regular assessment and therefore required factual verification. en-us Thu, 21 Mar 2013 00:00:00 +0530 Wed, 27 Nov 2013 01:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240151 Deduction under section 36(1)(viii) is confined to income truly derived from the business of providing long-term finance as statutorily defined. Lease and hire purchase receipts require examination of the actual agreements to decide whether they are finance transactions in substance, so those issues were remitted for fresh consideration. Interest on short-term deposits was treated as outside the scope of long-term finance, while interest on non-performing assets was not to be recognised on accrual where RBI prudential norms required non-recognition. Levy of interest under section 234D depended on the date of completion of regular assessment and therefore required factual verification. Case-Laws Income Tax Thu, 21 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240151