Deduction u/s 36(1)(viii) Limited to Profits from Long-Term Finance: SC

National Cooperative Development Corporation Vs ACIT (Supreme Court of India) Supreme Court held that deduction under section 36(1)(viii) of the Income Tax Act is not general exemption. Such deduction is specific incentive attached strictly to the profits arising from a defined activity namely, the provision of long-term finance. Facts- The question for adjudication in this batch of appeals is whether the National Co-operative Development Corporation (NCDC), appellant-assessee, is entitled to deductions under Section 36(1)(viii) of the Income Tax Act, 1961 in respect of three specific heads o...