Kerala HC allows Income Tax Deduction to South Indian Bank on Long-Term Finance Provided for Purchase of Residential House [Read Order]
The court set aside the findings of the tribunal inasmuch as the providing of long-term finance for construction or purchases of houses in India for residential purposes was an activity that qualified for deduction under Section 36(1)(viii) only for housing finance companies.
The Kerala High Court has held that the South Indian Bank is entitled to the deduction envisaged under Section 36(1)(viii) of the Income Tax Act in respect of the long-term finance provided by it for the construction and purchase of houses in India for residential purposes. The South Indian Bank Ltd, the appellant-bank/assessee is in…
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