Meaning of “Financial corporation”

Case Name : Union Bank Of India Vs. Asstt. CIT

Citation : [2011] 16 TAXMANN.COM 304

Court : Mumbai High Court

Section :36

Meaning :  As per explanation (a) to section 36(1)(viii) ‘financial corporation’ is defined to include a public company and a government company. Any entity incorporated under a statute carrying on the business of financing would come under the definition of ‘financial corporation’. The definition is not an exhaustive definition and the term ‘financial corporation’ has been defined in an inclusive manner so as to include a government company and a public company. Hence, financial corporation should include ‘bank’ also.

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