Deduction u/s. 36(1)(vii) available to banks for providing long term finance for residential house: Kerala HC

South Indian Bank Ltd. Vs ACIT (Kerala High Court) Kerala High Court held that even after 01.04.2010, Bank would be entitled to the deduction envisaged u/s. 36(1)(viii) of the Income Tax Act in respect of the long term finance provided by it for construction and purchase of houses in India for residential purpose. Facts- The appellant is engaged in the banking business. The issue relates to disallowance u/s. 36(1)(viii) of the Act. Notably, the disallowance arose consequent to an amendment that was effected to the provisions of Sections 36(1)(viii) with effect from 01.04.2010 through the Finan...