Supreme Court · 1970 INSC 102 · Decided 23 April 1970
The Indian Overseas Bank LID. v. The Commissioner of Income-Tax, MADRAS.
- Court
- Supreme Court of India
- Citation
- 1970 INSC 102 · [1971] 1 S.C.R. 348
- Case number
- CIVIL APPEAL No. 615/1967
- Decided
- 23 April 1970
- Bench
- J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 10(2), 10(2)(vi)(b)
Headnote
OVERSEAS BANK LID. v. THE COMMISSIONER OF INCOME-TAX, MADRAS. April 23, 1970 [J, C. SHAH, K. S. HEGDE AND A, N. GROVER, JJ.} Income-tax Act, 1922, s. 10(2) (vi-b), Proviso (b)-Deve/opment re­ bate-If can be claimed where no separate reserve created but only transfer to reserves in assessment year 1959-60, the appellant claimed allowance by C · way of development rebate under proviso (b) of · s. 10(2) (vi) (b) amounting to Rs. 1,37,836 in the computation of its business income. Th~ admitted facts of the case were that during the accounting year the appel­
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)