{"id":157533,"date":"1995-09-22T00:00:00","date_gmt":"1995-09-21T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ms-the-andhra-bank-vs-the-commissioner-of-income-on-22-september-1995"},"modified":"2018-07-16T04:31:17","modified_gmt":"2018-07-15T23:01:17","slug":"ms-the-andhra-bank-vs-the-commissioner-of-income-on-22-september-1995","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ms-the-andhra-bank-vs-the-commissioner-of-income-on-22-september-1995","title":{"rendered":"M\/S. The Andhra Bank … vs The Commissioner Of Income … on 22 September, 1995"},"content":{"rendered":"
Supreme Court of India<\/div>\n
M\/S. The Andhra Bank … vs The Commissioner Of Income … on 22 September, 1995<\/div>\n
Equivalent citations: 1995 SCC, Supl. (4) 133 JT 1995 (7)\t373<\/div>\n
Author: S Sen<\/div>\n
Bench: Sen, S.C. (J)<\/div>\n
           PETITIONER:\nM\/S. THE ANDHRA BANK LTD.,HYDERABAD.\n\n\tVs.\n\nRESPONDENT:\nTHE COMMISSIONER OF INCOME TAX,A.P. III, HYDERABAD.\n\nDATE OF JUDGMENT22\/09\/1995\n\nBENCH:\nSEN, S.C. (J)\nBENCH:\nSEN, S.C. (J)\nAHMADI A.M. (CJ)\nPARIPOORNAN, K.S.(J)\n\nCITATION:\n 1995 SCC  Supl.  (4) 133 JT 1995 (7)\t373\n 1995 SCALE  (5)477\n\n\nACT:\n\n\n\nHEADNOTE:\n\n\n\nJUDGMENT:\n<\/pre>\n
\t\t      J U D G M E N T
\nSEN,J.\n<\/p>\n
     These are appeals from a judgment of the Andhra Pradesh
\nHigh Court  which answered  the following question of law in
\nthe affirmative and against the assessee:-\n<\/p>\n
     “Whether  on   the\t facts\t and  in  the
\n     circumstances of  the case,  the sums of
\n     Rs.4,12,780\/-  and\t  Rs.5,50,000\/-\t  are
\n     liable to\tbe excluded  under Rule 1(xi)<\/p>\n
     (a) of the Surtax Rules in computing the
\n     chargeable profits in Surtax assessments
\n     for the  assessment  years\t 1971-72  and
\n     1972-73?”<\/p><\/blockquote>\n
     The assessment  years involved in this case are 1971-72
\nand 1972-73  for which\tthe  relevant  previous\t years\twere
\ncalendar years 1970 and 1971 respectively.\n<\/p>\n
     The dispute  in  this  case  is  about  computation  of
\nchargeable  profits   of  a   banking  company.\t ‘Chargeable
\nProfits’ has been defined in sub-section (5) of Section 2 of
\nThe Companies  (Profits) Surtax\t Act, 1964  (for short\t‘the
\nAct’) to mean the total income of an assessee computed under
\nthe Income  Tax Act,  1961 for\tany previous  year or years,
\n………. and adjusted in accordance with the provisions of
\nthe First Schedule.”\n<\/p>\n
     There is  a specific  rule in the First Schedule of the
\nAct relating  to computation  of  chargeable  profits  of  a
\nbanking company which is as under :\n<\/p>\n
     “In computing  the chargeable profits of
\n     a\tprevious   year,  the\ttotal  income
\n     computed for that year under the Income-
\n     Tax Act shall be adjusted as follows:-\n<\/p><\/blockquote>\n
     1.\t  Income, profits and gains and other
\n     sums  falling   within   the   following
\n     clauses  shall  be\t excluded  from\t such
\n     total income, namely:-\n<\/p><\/blockquote>\n
     x\tx  x  x\t x  x  x  x  x\n<\/p><\/blockquote>\n
\t  (xi)\tin  the\t case  of  a  banking
\n\t  company-\n<\/p><\/blockquote>\n
\t       (a) any\tsum which  during the
\n\t       previous year  is  transferred
\n\t       by it  to a reserve fund under
\n\t       sub-section (1)\tof section 17
\n\t       of the  Banking Companies Act,
\n\t       1949………….,\t  not
\n\t       exceeding the  amount required
\n\t       under the aforesaid provisions
\n\t       to  be\tso   transferred   or
\n\t       deposited, as the case may be,
\n\t       or”\n<\/p><\/blockquote>\n<\/blockquote>\n
     The language  of clause  (xi) (a)\tis  clear.  Whatever
\namount as  deposited  in  the  reserve\tfund  created  under
\nSection 17  (1) of  the\t Banking  Regulation  Act  will\t not
\nqualify for deduction. The deduction will be limited only to
\nthe amount  which is  required\tto  be\ttransferred  to\t the
\nreserve fund by sub-section (1) of Section 17 of the Banking
\nRegulation Act,\t 1949. Sub clause (a) of clause (xi) clearly
\nstates that  when an  amount is transferred to the statutory
\nreserve fund,  deduction will  be  limited  to\ta  sum\t‘not
\nexceeding the amount required under the aforesaid provisions
\nto be  so transferred.’.  The legislative  intent is  not to
\nallow the  entire sum  transferred to  the reserve  fund  as
\ndeduction but  to limit\t it to\tthe amount which is actually
\nrequired by  the provisions of Section 17 (1) of the Banking
\nRegulation Act to be transferred to the reserve fund.<\/p><\/blockquote>\n
     Section 17 of the Banking Regulation Act, 1949 makes it
\nnecessary for a banking company to create a reserve fund and
\ntransfer not  less than\t 20\/ of\t its profits to that reserve
\nfund.\n<\/p>\n
     “17. Reserve  Fund-  (1)  Every  banking
\n     company  incorporated   in\t India\tshall
\n     create a  reserve fund and shall, out of
\n     the balance  of profit  of each  year as
\n     disclosed in the profit and loss account
\n     prepared under Section 29 and before any
\n     dividend is  declared, transfer  to  the
\n     reserve fund  a sum  equivalent  to  not
\n     less  than\t  twenty  per  cent  of\t such
\n     profit.”<\/p><\/blockquote>\n
     The mandate of Section 17 is that every banking company
\nwill have  to transfer\tto a  reserve fund every year, a sum
\nequivalent to  “not  less  than\t twenty\t per  cent  of\tsuch
\nprofit”. In other words, at least 20% of the profit as shown
\nin the\tProfit and  Loss Account  before declaration  of any
\ndividend has  to be transferred to the reserve fund. This is
\nthe statutory  requirement. If\ta banking  company transfers
\nany amount  in excess  of 20%  of its  profit of any year to
\nthis reserve  fund, the exclusion in clause (xi) (a) will be
\nlimited to  20% of  the profit\twhich is  the requirement of
\nSection 17 (1) of the Banking Regulation Act.\n<\/p>\n
     Mr.  Ramachandran\t on  behalf   of  the  assessee\t has
\ncontended that\tin this\t case, a reserve fund was created by
\nthe assessee  bank to  comply with the provisions of Section
\n17 of  the Banking Regulation Act. Even though the amount of
\ncontribution for  the relevant\taccounting period was higher
\nthan 20%  of its  balance of profits, the entire amount will
\nhave to be deducted from its total income in order to arrive
\nat chargeable  profit under  clause (xi)  of Rule  1 of\t the
\nFirst Schedule\tto the\tAct, because the amount in excess of
\nthe  statutory\tminimum\t was  contributed  pursuant  to\t the
\ndirection given\t by the\t Reserve Bank of India under Section
\n35A of\tthe Banking  Regulation Act  is binding on a banking
\ncompany. Therefore, the Bank was under a legal obligation to
\ntransfer more  than 20%\t of its profits to the reserve fund.
\nSince this  transfer was made pursuant to direction given by
\nthe Reserve  Bank of India, the entire amount so transferred
\nmust be\t allowed as  deduction for computation of chargeable
\nprofit.\n<\/p>\n
     We are  unable to\tuphold\tthis  argument\tfor  several
\nreasons. In  the first place, clause (xi) of Rule c 1 of the
\nFirst  Schedule\t  to  the  Act\tspecifically  restricts\t the
\nallowable amount  to a sum not exceeding the amount required
\nunder the provisions of Section 17 to be so transferred. Any
\nother sum  transferred to a reserve fund under the direction
\nof Reserve  Bank or  any other\tlaw  will  not\tqualify\t for
\ndeduction. For\texample, under the Banking Regulation Act, a
\nbank has  to maintain  a cash reserve under Section 1 of the
\nBanking Regulation  Act. Any sum transferred to this reserve
\nwill  not  be  eligible\t for  deduction\t from  total  income
\ncomputed  under\t  the  Income\tTax  Act.  Only\t the  amount
\ntransferred to\tthe reserve  fund created  under Section  17
\nwill be\t eligible for deduction and the quantum of deduction
\nis restricted to the amount required under the provisions of
\nSection 17  of the Banking Regulation Act to be transferred.
\nSection 17  lays down  that before any dividend is daclared,
\nout of\tthe balance  of profit\tof each year as disclosed in
\nthe profit and loss account, a sum not less than 20% of such
\nprofit will  have to  be transferred  to the  reserve  fund.
\nDeduction under clause (xi) has been specifically limited to
\nthis  amount   which  is   required  by\t Section  17  to  be
\ntransferred to\tthe reserve  fund. The phrase ‘not exceeding
\nthe amount  required ……  to be so transferred’ indicates
\nthat any  other sum  in excess of the requirement of Section
\n17 will not be eligible for deduction.\n<\/p>\n
     Assuming that  the assessee  bank\twas  under  a  legal
\nobligation to  transfer a  sum in excess of 20% by virtue of
\na. direction  given by\tthe Reserve  Bank of India, then the
\nexcess contribution  to the  reserve fund was not because of
\nany requirement\t of Section 17 but because of the provisions
\nof some\t other\tSection.  The  exclusion  permissible  under
\nclause (xi)  of Rule  1 of  the first Schedule of the Act is
\nlimited only  to the  sum “not exceeding the amount required
\nunder the  aforesaid provisions\t to be so transferred ….”.
\nThe  ‘aforesaid\t  provisions’  in   this  clause  means\t the
\nprovisions of  Section 17 (1) of the Banking Regulation Act.
\nIf any\tfurther sum  is transferred  to the  reserve fund by
\nvirtue of provisions of some other Sections of the Act, such
\nsum  will  not\tquality\t for  exclusion\t in  computation  of
\nchargeable profits.\n<\/p>\n
     Moreover, from the various circulars relied upon by the
\nassessee Bank,\tit does\t not appear that the Reserve Bank of
\nIndia gave  any direction under Section 35A to transfer more
\nthan 20%  to the  reserve  fund.  A  circular  letter  dated
\n27.12.1961 was\tissued by  the\tGovernor,  Reserve  Bank  of
\nIndia, to all the scheduled Banks in which it was stated:-\n<\/p>\n
     “I am  aware that\tseveral banks obliged
\n     to\t transfer   20\tper   cent  of\ttheir
\n     declared profits in terms of section 17,
\n     actually transfer\ta quantum larger than
\n     that, I  have no  doubt such  banks will
\n     continue to maintain this practice.”\n<\/p><\/blockquote>\n
This cannot  be construed as a direction by the Reserve Bank
\nof India  under Section\t 35A. Similarly, the circular letter
\nwritten on  25th January, 1962 deals with ‘a point which has
\nbeen raised by the Bank’. In reply the Executive Director of
\nthe Reserve Bank of India stated:-\n<\/p>\n
     “In this connection, we advise as under:\n<\/p><\/blockquote>\n
     2.\t  Certain banks have already reserves
\n     which are equal to or exceed their paid-
\n     up capital.  The intention\t is that such
\n     banks  should  transfer  not  less\t than
\n     twenty  per   cent\t of  their  disclosed
\n     profits  arrived  at  after  making  the
\n     usual and necessary provisions and after
\n     deduction of the provision for taxation.\n<\/p><\/blockquote>\n
     3.\t  There\t  are\tseveral\t  banks\t  the
\n     reserves of which are not equal to their
\n     paid-up  capital.\t The  intent  of  the
\n     Governor’s letter\tis  that  such\tbanks
\n     should, till  they reach parity of paid-
\n     up capital and reserves, follow the same
\n     basis of computation as they observed in
\n     their profit  and loss account for 1960.
\n     That  is\tto  say,   if  they   compute
\n     transfers to  reserves on profits before
\n     tax they  should continue\tto Co so till
\n     parity is reached.”\n<\/p><\/blockquote>\n
This  letter  is  in  the  nature  of  advice  and  contains
\ndirection as  to how  profit  should  be  calculated  before
\ntransfer of  the requisite  20% is made to the reserve fund.
\nBanks having reserves equal to or in excess of their paid-up
\ncapital should\ttransfer 20% of the profits after making the
\nusual provisions  and  after  deduction\t of  provisions\t for
\ntaxation. But  those Banks  whose reserves  are not equal to
\ntheir paid-up  capital should  transfer 20% of their profits
\nDeforo tax  to the  reserve fund  till the parity of paid-up
\ncapital is  reached. This circular letter was written by the
\nExecutive Director of the Reserve Bank of India.\n<\/p>\n
     Reliance has been placed upon two other letters written
\nby the Reserve Bank of India to the assessee Bank. The first
\nletter is  dated  29th\tMarch,\t1971  in  which\t the  Bank’s
\npractice of  effecting transfer\t to the\t statutory  reserve,
\nafter making  provisions for  Income Tax, has been commented
\nupon. In  this letter,\tthe  Deputy  Chief  Officer  of\t the
\nReserve Bank  has made it clear that lin future, bank should
\ntransfer to  the above\treserves a  sum not less than 20% of
\nits profits before providing for income tax. We may add that
\nour approval  does not\taffect in  any\tway  the  obligation
\nimposed on your bank by or under any other provisions of the
\nBanking Regulation  Act, 1949  or of the Companies Act, 1956
\nor any other law for the time being in force.’
\n     The other\tletter dated  25.5.1972 is  also in the same
\nvein.\n<\/p>\n
     None of these circular-letters sent by the Reserve Bank
\nof  India  nor\tthe  letters  written  specifically  to\t the
\nassessee-Bank go  to show that the Reserve Bank of India had
\ndirected the Banks or the assessee-bank to transfer a larger
\namount than  what was  required by  Section 17\t(1)  of\t the
\nBanking Regulation  Act. Therefore,  this argument  that the
\nassessee had  been directed  by the  Reserve Bank  of  India
\nunder Section  35A to  contribute a  larger  amount  to\t the
\nreserve fund  than what\t was required  by Section  17(1)  is
\nmisconceived.\n<\/p>\n
     In view  of the  aforesaid, we  hold that\tthe question
\nreferred to  the High  Court was  correctly answered  by it.
\nThese appeals  are dismissed.  These will  be  no  order  as
\ncosts.\n<\/p>\n
\t\tCIVIL APPEAL NO.861 OF 1985
\n     In view of our Judgment in Civil Appeals Nos.4895-96 of
\n1964, this appeal is also dismissed.<\/p>\n","protected":false},"excerpt":{"rendered":"
Supreme Court of India M\/S. The Andhra Bank … vs The Commissioner Of Income … on 22 September, 1995 Equivalent citations: 1995 SCC, Supl. (4) 133 JT 1995 (7) 373 Author: S Sen Bench: Sen, S.C. (J) PETITIONER: M\/S. THE ANDHRA BANK LTD.,HYDERABAD. Vs. RESPONDENT: THE COMMISSIONER OF INCOME TAX,A.P. III, HYDERABAD. DATE OF JUDGMENT22\/09\/1995 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-157533","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"\nM\/S. 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