Special reserve deduction applied to taxable income after computing that deduction, reducing the base for its percentage calculation. The specified percentage for the special reserve deduction under section 36(1)(viii) is to be applied to total income after reducing that total by the deduction allowable under section 36(1)(viii); pending assessments should be adjusted and remedial action taken where the earlier, contrary clarification produced higher deductions.
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.
Special reserve deduction applied to taxable income after computing that deduction, reducing the base for its percentage calculation.
The specified percentage for the special reserve deduction under section 36(1)(viii) is to be applied to total income after reducing that total by the deduction allowable under section 36(1)(viii); pending assessments should be adjusted and remedial action taken where the earlier, contrary clarification produced higher deductions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
