https://www.taxtmi.com/caselaws?id=427765 Section 36(1)(viia) was read as extending deduction under its second limb to eligible co-operative banks, with "such bank" referring back to the banks covered by the first limb, and Rule 6ABA was not construed so narrowly as to defeat the statutory benefit. The deduction for 10% of the aggregate average advances of rural branches was therefore available in principle. However, the allowance remained subject to factual verification by the Assessing Officer of the assessee's RBI banking licence, its qualifying status as a co-operative bank, and the correctness of the computation of rural-branch advances before final quantification. en-us Tue, 13 Sep 2022 00:00:00 +0530 Thu, 15 Sep 2022 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427765 Section 36(1)(viia) was read as extending deduction under its second limb to eligible co-operative banks, with "such bank" referring back to the banks covered by the first limb, and Rule 6ABA was not construed so narrowly as to defeat the statutory benefit. The deduction for 10% of the aggregate average advances of rural branches was therefore available in principle. However, the allowance remained subject to factual verification by the Assessing Officer of the assessee's RBI banking licence, its qualifying status as a co-operative bank, and the correctness of the computation of rural-branch advances before final quantification. Case-Laws Income Tax Tue, 13 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427765