Cooperative bank secures deduction u/s 36(1)(viii) for long-term housing finance; no distinction in housing development.

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Full Text of the Document

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....Allowability of deduction u/s 36(1)(viii) - specified entity being the cooperative bank - The term “long term finance” has been defined under clause (h) to mean any loan or advance provided for a period for not less than 5 years. We do not perceive any distinction between term “development of housing in India” and “purchase & construction of housing in India for residential purposes - Claim allowed - AT....