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Indian Steel And Wire Products Ltd. vs Commissioner Of Income-Tax, West ... on 14 August, 1957
cites
Section 66 in The Income Tax Act, 1961 [Entire Act]
The Business Profits Act, 1947
Banking Companies Act, 1949
Commissioner Of Income-Tax,Bombay ... vs The Century Spinning And Manufacturing ... on 8 October, 1953
In the case of Commissioner ot Income-tax Bombay City v. The Century Spinning and Manufacturing Co. Ltd., (A), the Supreme Court had occasion to point out how and when reserves were created. They observed that someone, possessed of the requisite authority, must make a declaration or give some indication that the manner of the disposal of or the destination of the amount in question is that it is being carried to reserve. That was looking at the question of a reserve from the procedural point of view. We are concerned in this case with the nature of a reserve. If I may refer to the definition given in
Murray's Oxford Dictionary to which the Supreme Court also referred, but only to give the various meanings of the word 'reserve' as a verb, the meaning as a noun is given as follows:
The Companies Act, 1956
Article 99 in Constitution of India [Constitution]
Section 22 in The Income Tax Act, 1961 [Entire Act]
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