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2017 (5) TMI 307 - HC - Income TaxDeduction u/s 36(1)(viii) computation - loan was assigned transferred before 5 years from the date of sanction - Held that:- It cannot be said that the learned ITAT has committed any error in holding that while working out the deduction under Section 36(1) (viii) of the IT Act, the loan portfolio / loan was assigned / transferred before 5 years from the date of sanction is not material. Under the circumstances, no error has been committed by the learned ITAT on the aforesaid proposed question of law. The direction issued by the learned ITAT is very clear and seems to be absolutely in consonance with the explanation (h) to Section 36(1)(viii) of the IT Act. Under the circumstances, when the entire issue is at large and the direction issued by the learned ITAT is very clear while remitting the matter back to the learned Assessing Officer, we see no reason to interfere with the same. It goes without saying that the learned Assessing Officer after giving an opportunity to the assessee shall consider the entire issue with respect to the working out deduction under Section 36(1)(viii) more particularly explanation (h) to Section 36(1)(viii) of the IT Act.
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