Section 36(1)(viii) Income Tax Act: Income Must Be Directly from Long-Term Finance Business to Qualify for Benefits.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Long term financing - benefit of section 36(1)(viii) - inclusion in the profit and gains - a) Interest on Bank deposits, b) Interest on advances / deposits, c) Dividend on investments, d) Misc. receipts - condition in the Section that the income should be “derived from” the business of providing long-term finance was not satisfied - AT....