https://www.taxtmi.com/acts?id=46149 The inserted Explanation deems that where a financial corporation's reserve carried in the previous year relevant to the assessment year commencing 1 April 1966 falls short of twenty-five per cent of total income, and the transfer to that reserve in the immediately succeeding previous year exceeds the amount deductible for the assessment year commencing 1 April 1967, the excess shall be deemed to have been transferred to the reserve in the accounts of the first-mentioned previous year for the purpose of allowing the deduction under clause (viii) of section 36. en-us Thu, 12 Dec 2024 17:30:15 +0530 Thu, 12 Dec 2024 17:30:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46149 The inserted Explanation deems that where a financial corporation's reserve carried in the previous year relevant to the assessment year commencing 1 April 1966 falls short of twenty-five per cent of total income, and the transfer to that reserve in the immediately succeeding previous year exceeds the amount deductible for the assessment year commencing 1 April 1967, the excess shall be deemed to have been transferred to the reserve in the accounts of the first-mentioned previous year for the purpose of allowing the deduction under clause (viii) of section 36. Act-Rules F. Acts / Amendment Acts Thu, 12 Dec 2024 17:30:15 +0530 https://www.taxtmi.com/acts?id=46149