1989 (2) TMI 62 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled that the deduction under section 36(1)(viii) of the Income-tax Act should be calculated based on the total income before any other deductions under Chapter VI-A. The court answered the question in the affirmative, against the Revenue. The case involved a financial corporation claiming exemption under section 36(1)(viii) of the Act. The Tribunal's decision was upheld. (Case citation: 1989 (2) TMI 62 - Madhya Pradesh High Court)