Investment allowance reserve: tea companies must calculate the reserve as 75% of the allowance actually allowed. Investment allowance is subject to a reserve condition requiring 75 per cent of the amount actually allowed as investment allowance to be debited to profit and loss and credited to a reserve. For tea companies whose taxable income comprises only a proportion of total income, the reserve to be created should be calculated as 75 per cent of the amount of investment allowance actually allowed in assessment, reflecting the company's taxable-income proportion of the allowance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Investment allowance reserve: tea companies must calculate the reserve as 75% of the allowance actually allowed.
Investment allowance is subject to a reserve condition requiring 75 per cent of the amount actually allowed as investment allowance to be debited to profit and loss and credited to a reserve. For tea companies whose taxable income comprises only a proportion of total income, the reserve to be created should be calculated as 75 per cent of the amount of investment allowance actually allowed in assessment, reflecting the company's taxable-income proportion of the allowance.
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