Vijaya Bank can claim Section 36(1)(viii) deduction as Financial Corporation

CIT Vs Vijaya Bank (Karnataka High Court) Learned counsel for the revenue submitted that prior to amendment with effect from 01.04.2008, benefit of Section 36(1)(viii) of the Act was not available to a Banking Company and therefore, the assessee is not entitled to claim deduction under Section 36(1)(viii) of the Act. It is further submitted that provisions of Section 36(1)(viii) of the Act were amended with effect from 01.04.2008 and are applicable to the Assessment Year 2008-09. Learned counsel for the revenue has taken us through the amended provisions of Section 36(1)(viii) of the Act and h...