https://www.taxtmi.com/caselaws?id=40188 For computing chargeable profits under the Companies (Profits) Surtax Act, 1964, rule 1(xi)(a) of Schedule I allows exclusion only of the amount transferred to a banking company's reserve fund that is required under section 17(1) of the Banking Regulation Act, 1949. The deduction is confined to the statutory minimum mandatory transfer and does not extend to any excess amount, even if made with Reserve Bank of India advice or directions unless a binding section 35A direction is shown. On the stated facts, the excess transfer was not deductible and the question was answered against the assessee. en-us Fri, 22 Sep 1995 00:00:00 +0530 Thu, 10 Jul 2014 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40188 For computing chargeable profits under the Companies (Profits) Surtax Act, 1964, rule 1(xi)(a) of Schedule I allows exclusion only of the amount transferred to a banking company's reserve fund that is required under section 17(1) of the Banking Regulation Act, 1949. The deduction is confined to the statutory minimum mandatory transfer and does not extend to any excess amount, even if made with Reserve Bank of India advice or directions unless a binding section 35A direction is shown. On the stated facts, the excess transfer was not deductible and the question was answered against the assessee. Case-Laws Income Tax Fri, 22 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40188