https://www.taxtmi.com/caselaws?id=276867 The court ruled against the National City Bank of New York in interpreting the term "reserve" under the Business Profits Tax Act. The court held that undivided profits did not qualify as reserves for tax computation as they lacked deliberate allocation for a specific purpose, following criteria established by precedent cases. The court emphasized that mere retention of profits for business use did not meet the definition of a reserve. The bank's claim was dismissed, and the Department prevailed, with the court emphasizing the necessity of intentional allocation to constitute a reserve. en-us Tue, 05 Feb 1957 00:00:00 +0530 Mon, 19 Nov 2018 17:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276867 The court ruled against the National City Bank of New York in interpreting the term "reserve" under the Business Profits Tax Act. The court held that undivided profits did not qualify as reserves for tax computation as they lacked deliberate allocation for a specific purpose, following criteria established by precedent cases. The court emphasized that mere retention of profits for business use did not meet the definition of a reserve. The bank's claim was dismissed, and the Department prevailed, with the court emphasizing the necessity of intentional allocation to constitute a reserve. Case-Laws Income Tax Tue, 05 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276867