Dismissing the appeal of the revenue the Court held that the assessee-bank was not a private company. Therefore, it fulfilled the requirement of section 3 of the Companies Act, 1956 and was a public company. Fifty one per cent. of its shares were held by the Government of India and therefore, the assessee was a Government company within the meaning of section 617 of the Companies Act, 1956. Therefore, the assessee was squarely covered within the meaning of the expression “financial corporation” and was entitled to the benefit of deduction under section 36(1)(viii) of the Act.( AY.2007-08)