https://www.taxtmi.com/caselaws?id=181082 A reserve created under the Banking Companies Act did not satisfy the separate income-tax requirement for development rebate, because proviso (b) to section 10(2)(vib) required a specific debit to profit and loss and a corresponding credit to a tax reserve that could be traced for the prescribed business purpose. The rebate claim therefore failed. By contrast, pension payments to a former general manager were deductible under section 10(2)(xv), because the arrangement was made during service and was supported by commercial expediency and business interests, not merely as an ex gratia payment. The reference thus produced a mixed result. en-us Tue, 21 Jun 1966 00:00:00 +0530 Wed, 06 Apr 2016 18:45:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181082 A reserve created under the Banking Companies Act did not satisfy the separate income-tax requirement for development rebate, because proviso (b) to section 10(2)(vib) required a specific debit to profit and loss and a corresponding credit to a tax reserve that could be traced for the prescribed business purpose. The rebate claim therefore failed. By contrast, pension payments to a former general manager were deductible under section 10(2)(xv), because the arrangement was made during service and was supported by commercial expediency and business interests, not merely as an ex gratia payment. The reference thus produced a mixed result. Case-Laws Income Tax Tue, 21 Jun 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181082