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            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.

            <h1>Special reserve deduction for specified financial entities limits allowable tax deduction to the lowest prescribed test.</h1> Section 36(1)(viii) permits a special reserve deduction for specified lending and finance entities where an amount is transferred during the previous year to a special reserve account. Eligible assessees include specified financial corporations, public sector financial corporations, housing finance companies, other infrastructure financiers and banking companies engaged in long term financing. The deduction is limited to the lowest of: the amount transferred; twenty percent of qualifying business profits computed under sections 28-44D before this deduction; or two hundred percent of paid up share capital plus general reserve less the opening special reserve balance. Withdrawals from the reserve are taxable as business profits.

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