Deduction Denied for Non-Lending Income: Supreme Court Restricts Section 36(1)(viii) to First-Degree Lending Profits

National Co-operative Development Corporation Vs ACIT (Supreme Court of India) Only First-Degree Lending Profits Get 36(1)(viii) Deduction: SC Rejects NCDC’s Claims on Dividend, Bank Interest & SDF Service Charges Derived From ≠ Attributable To: SC Denies 36(1)(viii) Claim on Non-Lending Income Ring-Fenced Deduction: SC Says No Tax Break for Second-Degree Income Streams  Issue Before Supreme Court Whether NCDC is entitled to deduction u/s 36(1)(viii) on: Dividend income on redeemable preference shares, Interest earned on short-term bank deposits, Service charges received for monitor...