Supreme Court · 1996 INSC 377 · Decided 13 March 1996
State Bank of Patiala, Patiala v. The Commissioner of Income-Tax, Patiala
- Court
- Supreme Court of India
- Citation
- 1996 INSC 377 · [1996] 3 S.C.R. 359
- Case number
- CIVIL APPEAL No. 4270/1996
- Decided
- 13 March 1996
- Bench
- B.P. JEEVAN REDDY, K.S. PARIPOORNAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
B Companies (Profits) Surtax Act, 1964: Sections 2(5)(8) and (9) and 4-First Schedule-Rule l(xi)(b)- Second Schedule-Rule I (iii). C Banking Company-Reserve-Setting apart amounts for 'bad and doubtful debts'-No amount of bad debt actually w1itte11 off of adjusted against Uie amount claimed as assessment year;--Amount remained in the account books of assessee as capital-Assessee treating the amount as 'rese1ve' and not as D 'provisions'-Held amount set apart are 'reserves' qualifying for relief under Rule J(xi)(b) of First Schedule and Rule l(iii) of Second Schedule. The
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