https://www.taxtmi.com/caselaws?id=400731 For assessment year 2007-08, the assessee bank was entitled to deduction under Section 36(1)(viii) of the Income-tax Act because the relevant provision covered a financial corporation engaged in long-term finance, and the Explanation included a public company and a Government company within that expression. The bank satisfied the definition of a public company under the Companies Act, 1956 and also qualified as a Government company because the Government of India held 51% of its shares. The later amendment to Section 36(1)(viii) with effect from 01.04.2008 did not affect eligibility for the earlier year, so the deduction was available. en-us Fri, 06 Nov 2020 00:00:00 +0530 Thu, 24 Dec 2020 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400731 For assessment year 2007-08, the assessee bank was entitled to deduction under Section 36(1)(viii) of the Income-tax Act because the relevant provision covered a financial corporation engaged in long-term finance, and the Explanation included a public company and a Government company within that expression. The bank satisfied the definition of a public company under the Companies Act, 1956 and also qualified as a Government company because the Government of India held 51% of its shares. The later amendment to Section 36(1)(viii) with effect from 01.04.2008 did not affect eligibility for the earlier year, so the deduction was available. Case-Laws Income Tax Fri, 06 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400731