https://www.taxtmi.com/caselaws?id=27450 Rule 1(xi)(a) of the First Schedule to the Companies (Profits) Surtax Act, 1964 allows a banking company to exclude from chargeable profits only the amount transferred to reserve fund that is required under section 17(1) of the Banking Regulation Act, 1949. The exclusion is capped at the statutory minimum of twenty per cent of relevant profits, and does not extend to any higher reserve created under Reserve Bank of India directions or by voluntary transfer. The provision was treated as clear and limited by its wording, so the excess reserve remained includible in chargeable profits. en-us Wed, 22 Feb 1984 00:00:00 +0530 Sat, 13 Feb 2010 09:53:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27450 Rule 1(xi)(a) of the First Schedule to the Companies (Profits) Surtax Act, 1964 allows a banking company to exclude from chargeable profits only the amount transferred to reserve fund that is required under section 17(1) of the Banking Regulation Act, 1949. The exclusion is capped at the statutory minimum of twenty per cent of relevant profits, and does not extend to any higher reserve created under Reserve Bank of India directions or by voluntary transfer. The provision was treated as clear and limited by its wording, so the excess reserve remained includible in chargeable profits. Case-Laws Income Tax Wed, 22 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27450