Income Tax | Statutory Corporation Can Claim Deduction Under S 36(1)(viii) Only For Income Directly Derived From Long-Term Finance : Supreme Court

The Supreme Court on Wednesday (December 10) held that any income earned by a statutory corporation outside its core activity of providing long-term finance for industrial, agricultural, or infrastructure development in India cannot qualify for the 40% deduction available under Section 36(1)(viii) of the Income Tax Act, 1961 (“Act”). A bench of Justice P.S. Narasimha and Justice Atul...