https://www.taxtmi.com/caselaws?id=181082 The article addresses two tax issues: first, that development rebate under clause (vib) requires statutory traceability-75% of the rebate must be debited to profit and loss and credited to a specifically earmarked reserve used for business within ten years-and a general reserve created under banking law without those specific debit/credit entries and earmarking does not satisfy proviso (b); second, that pensions provided pursuant to a board resolution constituting a contractual term of service, intended as a business expedient to protect bank interests, qualify as expenditure laid out wholly and exclusively for business purposes and are deductible. 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 The article addresses two tax issues: first, that development rebate under clause (vib) requires statutory traceability-75% of the rebate must be debited to profit and loss and credited to a specifically earmarked reserve used for business within ten years-and a general reserve created under banking law without those specific debit/credit entries and earmarking does not satisfy proviso (b); second, that pensions provided pursuant to a board resolution constituting a contractual term of service, intended as a business expedient to protect bank interests, qualify as expenditure laid out wholly and exclusively for business purposes and are deductible. Case-Laws Income Tax Tue, 21 Jun 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181082