1998 (2) TMI 6

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....ate granted by the Kerala High Court, the following question of law has been referred in respect of the assessment year 1978-79 : "Whether the Tribunal was right in law in holding that the statutory deduction under section 36(1)(viii) of the Income-tax Act, 1961, should be calculated on the total income before deduction of the amount allowable under the section?" The Kerala High Court came t....

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....by the Karnataka High Court in Karnataka State Financial Corporation v. CIT [1988] 174 ITR 206. Having gone through the decisions cited at the Bar, we find that the decision of the High Court following its earlier decision in CIT v. Kerala State Industrial Development Corporation Ltd. (No. 2) [1990] 182 ITR 67, is unexceptionable. The Karnataka High Court has tried to work out the sub-section o....