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1 - 5 of 5 (0.17 seconds)The National Housing Bank Act, 1987
New Shorrock Spinning And ... vs Commissioner Of Income-Tax, Bombay ... on 16 March, 1950
The High Court however held that they did not satisfy the
test laid down by the Supreme Court in Century Spinning &
Manufacturing Co. Ltd. v. C.I.T., Bombay (1) as the amount
was not transferred to any reserve and there being no act of
volition on the part of the Directors this could not be
regarded as Reserve.
Commissioner Of Income-Tax,Bombay ... vs The Century Spinning And Manufacturing ... on 8 October, 1953
Applying this test to the disputed sum, it cannot be said
that the amount is not "Reserve" within the meaning of the
Rules. As is shown by the instruction under s. 5211 of the
Revised Statute of the United States and the letter of the
Deputy Controller referred to above, the appellant bank was
required to keep a, certain sum of money under the head "
Income Tax Rules, 1962
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