https://www.taxtmi.com/caselaws?id=360339 The High Court upheld the Tribunal's decision in a tax case involving the interpretation of deduction under section 36(1)(viia) of the Income Tax Act, 1961. The Court dismissed the Revenue's appeal, confirming the Tribunal's allowance of the deduction for advances made by a regional rural bank's branches. The Court endorsed the specific calculation method outlined in Rule 6ABA of the Income Tax Rules, 1962, emphasizing the need to compute deductions for rural bank branches separately to prevent double deductions. The judgment clarified statutory provisions and resolved the dispute in favor of the assessee. en-us Mon, 07 May 2018 00:00:00 +0530 Thu, 15 Nov 2018 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360339 The High Court upheld the Tribunal's decision in a tax case involving the interpretation of deduction under section 36(1)(viia) of the Income Tax Act, 1961. The Court dismissed the Revenue's appeal, confirming the Tribunal's allowance of the deduction for advances made by a regional rural bank's branches. The Court endorsed the specific calculation method outlined in Rule 6ABA of the Income Tax Rules, 1962, emphasizing the need to compute deductions for rural bank branches separately to prevent double deductions. The judgment clarified statutory provisions and resolved the dispute in favor of the assessee. Case-Laws Income Tax Mon, 07 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360339