erred in directing the AO to compute
the deduction u/s 36(1)(viii) by including the loans
classified as "Short term Loans ... 1(SC) are relevant to support the aforesaid
proposition of law. The provisions of Section 36(1)(viii) of the 1961 Act
has also referred
balance sheet. "
7.3 The provisions of section 36(1)(vii) and 36(1)(viii) operate in
different fields. Both are independent provisions as held ... appeal No.3 relates to disallowance of claim made u/s
36(1)(viii) of the Act. The assessee-bank claimed deduction
eligible for the benefits u/s 36(1)(viia)(c) as
well as Sec. 36(1)(viii) of the Act. In the original assessment finalised ... between the provisions of
Sec. 36(1)(viia)(c) of the Act vis-a-vis Sec. 36(1)(viii) of the Act. At the time
Section 36(1)(vii)
of the Act. These are as under:
" Section 36 : Other Dedication:
(1) The deductions provided for in the following clauses ... doubtful debts under Section
36(1)(vii) of the Act without adjusting first against the provision
created under Section 36(1)(viia) . According
total income before deduction (1) under Chapter VI-A and (2) under that provision, ( section 36(1)(viii) ). It may also be mentioned here that ... section 36(1)(viii) has now been made explicit by subsequent amendment of the said clause (viii) with effect from April 1, 1985, by which
respect of question No. 1, it may be observed that the provisions of Section 36(1)(viii) contemplate that in respect of any special reserve ... 1, dated August 13, 1979, was issued in which it was stated that the relief under Section 36(1)(viii) is to be worked
circumstances of the case, the deduction referred to in Section 36(1)(viii) of the Act envisages 10% of the total income ... section (1). Clause (viii), at the relevant time, reading with the main part of Sub-section (1), would read as follows :
" 36. (1
deduction under Section 36(1)(viii) of the Income-tax Act. The total income computed by him before the allowance of this deduction ... court:
"1. Whether, on the facts and in the circumstances of the case, the deduction referred to in Section 36(1)(viii
Tribunal was right in holding that the deduction permissible under Section 36(1)(viii) of the Income-tax Act was to be calculated ... total income as it stood before the deduction allowable under Section 36(1)(viii) of the Income-tax Act, 1961 ?"
3. The material facts
right in law in holding that the deduction under Section 36(1)(viii) of the Income-tax Act, 1961, be allowed at the prescribed percentage ... also before taking into account the deduction allowable under Section 36(1)(viii) itself ?"
2. The assessee claimed deduction under Section 36(1)(viii
