{"id":66625,"date":"1970-04-23T00:00:00","date_gmt":"1970-04-22T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/the-indian-overseas-bank-ltd-vs-the-commissioner-of-income-tax-on-23-april-1970"},"modified":"2018-04-10T11:10:08","modified_gmt":"2018-04-10T05:40:08","slug":"the-indian-overseas-bank-ltd-vs-the-commissioner-of-income-tax-on-23-april-1970","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/the-indian-overseas-bank-ltd-vs-the-commissioner-of-income-tax-on-23-april-1970","title":{"rendered":"The Indian Overseas Bank Ltd vs The Commissioner Of Income-Tax, &#8230; on 23 April, 1970"},"content":{"rendered":"<div class=\"docsource_main\">Supreme Court of India<\/div>\n<div class=\"doc_title\">The Indian Overseas Bank Ltd vs The Commissioner Of Income-Tax, &#8230; on 23 April, 1970<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1970 AIR 1530, \t\t  1971 SCR  (1) 348<\/div>\n<div class=\"doc_author\">Author: K Hegde<\/div>\n<div class=\"doc_bench\">Bench: Hegde, K.S.<\/div>\n<pre>           PETITIONER:\nTHE INDIAN OVERSEAS BANK LTD.\n\n\tVs.\n\nRESPONDENT:\nTHE COMMISSIONER OF INCOME-TAX, MADRAS.\n\nDATE OF JUDGMENT:\n23\/04\/1970\n\nBENCH:\nHEGDE, K.S.\nBENCH:\nHEGDE, K.S.\nSHAH, J.C.\nGROVER, A.N.\n\nCITATION:\n 1970 AIR 1530\t\t  1971 SCR  (1) 348\n 1970 SCC  (2)\t 4\n CITATOR INFO :\n D\t    1989 SC1406\t (5)\n C\t    1991 SC2033\t (2,6)\n\n\nACT:\nIncome-tax   Act,   1922,  s.  10(2)(vi-b),   Proviso\t(b)-\nDevelopment  rebate-If\tcan  be claimed\t where\tno  separate\nreserve created but only transfer to reserves in  compliance\nwith s. 17 Banking Companies, Act, 1949.\n\n\n\nHEADNOTE:\nThe  appellant\twas  a public limited  company\tcarrying  on\nbanking business.  For the calendar year 1958, which was the\nprevious  year relating to the assessment year 1959-60,\t the\nappellant  claimed  allowance by way of\t development  rebate\nunder  proviso\t(b) of s. 10(2) (vi) (b)  amounting  to\t Rs.\n1,37,836  in  the computation of its business  income.\t The\nadmitted  facts of the case were that during the  accounting\nyear the appellant had transferred a sum of Rs. 6 lakhs from\nthe  profit and loss account to the reserve fund;  this\t was\nsufficient to meet the requirements of S. 17 of the  Banking\nCompanies  Act, 1949 as well as of proviso (b) to  s.  10(2)\n(vi)  (b)  of  the Income-tax Act,  1922;  but\tno  separate\nreserve fund as required by proviso (b) to s. 10(2)  (vi)(b)\nhad been created.  It was contended by the appellant that as\nthe  transfer  to  the reserve was sufficient  to  meet\t the\nrequirements of s. 17 of the Banking Companies Act, 1949  as\nwell  as  proviso  (b) to s. 10(2) (vi-b)  of  the  Act,  in\nsubstance,  if\tnot  in\t form,\tit  had\t complied  with\t the\nrequirements  of  law and therefore it was entitled  to\t the\nallowance claimed.  The assessing authorities as well as the\nHigh  Court, upon a reference, held against  the  appellant.\nOn appeal to this Court.\nHELD  : The High Court had rightly held that the  appellant,\nwas  not  entitled to the, allowance by way  of\t development\nrebate claimed. [350 A-B]\nThe  creation  of  reserve contemplated by  proviso  (b)  to\nExplanation  (2) to s. 10(2)(vi-b) is a condition  precedent\nfor  obtaining\tthe allowance of  development  rebate.\t The\nappellant  had\tadmittedly  not created\t any  such  separate\nreserve. [350 D]\nThe  reserve contemplated by s. 17 of the Banking  Companies\nAct, 1949 is a separate reserve.  The amount transferred  to\nthat reserve cannot be utilised for business purposes.\t The\nreserve contemplated by proviso (b) to s. 10(2)(vi-b) of the\nAct is an independent reserve.\tThe amount to be transferred\nto  that  reserve  is debited before  the  profit  and\tloss\naccount is made up.  That amount is required to be  credited\nto a reserve account to be utilised by the assessee during a\nperiod of ten years for the purposes of the business of\t the\nundertaking.  The nature of the two reserves are  different.\nThey are intended to serve two different purposes. [350 E-H]\nC.I.T.\tv.  Veeraswami\tNainar\tand  Ors.,  55,\t I.T.R.\t 35;\nreferred to.\n\n\n\nJUDGMENT:\n<\/pre>\n<p>CIVIL APPELLATE JURISDICTION : Civil Appeal No. 615 of 1967.<br \/>\nAppeal\tfrom the judgment and order dated June 21,  1966  of<br \/>\nthe  Madras  High,  Court  in  Tax  Case  No.  216  of\t1963<br \/>\n(Reference No. 66 of 1966.\n<\/p>\n<p><span class=\"hidden_text\">349<\/span><\/p>\n<p>C.   V.\t  Mahalingam  and  T.  A.  Ramachandran,   for\t the<br \/>\nappellant.,<br \/>\nR.   N. Sachthey and B. Datta, for the respondent.<br \/>\nThe Judgement of the Court was delivered by<br \/>\n Hegde,\t J. At the instance of the assessee, the Income\t Tax<br \/>\nAppellate Tribunal (Madras Bench) referred to the High Court<br \/>\nof  Madras a statement of case under s. 66(1) of the  Indian<br \/>\nIncome\tTax Act, 1922 (to be hereinafter referred to as\t the<br \/>\nAct) The High Court answered one of the questions  submitted<br \/>\nalongwith  the statement of case in favour of  the  assessee<br \/>\nand the other in favour of the Revenue.\t The Revenue has not<br \/>\nappealed  against  the\tdecision of the High  Court  to\t the<br \/>\nextent it went against it but the assessee has brought\tthis<br \/>\nappeal\tby  certificate challenging the correctness  of\t the<br \/>\nview  of the law taken by the High Court on question  No.  1<br \/>\nsubmitted for its opinion.\n<\/p>\n<p>The question of law that we have to consider in this appeals<br \/>\nis :\n<\/p>\n<blockquote><p>\t      &#8220;Whether\t the  creation\tof  a\treserve\t  in<br \/>\n\t      compliance  with\tSection 17  of\tthe  Banking<br \/>\n\t      Companies\t Act is sufficient  compliance\twith<br \/>\n\t      the  requirements of s. 10(2) (vi-b),  proviso\n<\/p><\/blockquote>\n<blockquote><p>\t      (b) of the Indian Income-tax Act, 1922&#8243;.\n<\/p><\/blockquote>\n<p>The  authorities  under the Act as well as  the\t High  Court<br \/>\nhave answered this question in the negative.<br \/>\nThe  appellant\tis  a public  Limited  Company\tcarrying  on<br \/>\nbanking business.  For the calendar year 1958, the  previous<br \/>\nyear relating to the assessment year 1959-60, the  appellant<br \/>\nclaimed allowance by way of development rebate under proviso\n<\/p>\n<p>(b) of s. 10(2) (vi) (b) amounting to Rs. 1,37,836\/- in\t the<br \/>\ncomputation of its business income.\n<\/p>\n<p>The  admitted  facts  of  the case are\t:  that\t during\t the<br \/>\naccounting  year  relating  to\tthe  assessment\t year,\t the<br \/>\nappellant Company had transferred a sum of Rs. 6 lakhs\tfrom<br \/>\nthe  profit and loss account to the reserve fund.  This\t sum<br \/>\nis  sufficient\tto  meet the requirements of s.\t 17  of\t the<br \/>\nBanking Companies Act, 1949 as well as of proviso (b) to  s.<br \/>\n10(2)  (vi) (b) of the Act; but no separate reserve fund  as<br \/>\nrequired  by  proviso  (b) to s. 10 (2) (vi)  (b)  had\tbeen<br \/>\ncreated.   The\tcontention of the appellant is that  as\t the<br \/>\ntransfer   to  the  reserve  is\t sufficient  to\t  meet\t the<br \/>\nrequirements of s. 17 of the Banking Companies Act, 1949  as<br \/>\nwell as of proviso (b) to, s. 10(2)  (vi-b) of the  Act,  in<br \/>\nsubstance, if not in form, it has<br \/>\n<span class=\"hidden_text\">350<\/span><br \/>\ncomplied  with the requirements of law and therefore  it  is<br \/>\nentitled to the allowance of the rebate claimed.  We are  in<br \/>\nagreement  with\t the High Court that the  appellant  is\t not<br \/>\nentitled  to  the allowance by way  of\tdevelopment  rebate,<br \/>\nclaimed.  The rebate under proviso (b) of S. 10(2) (vi-b) is<br \/>\na concession granted but that concession is made subject  to<br \/>\nfulfilment  of\tcertain\t requirements.\tThe  grant  of\tthis<br \/>\nallowance  is made subject to the conditions  prescribed  in<br \/>\nproviso\t (b)  to Explanation (b) to s.\t10(2)  (vi-b).\t The<br \/>\nrelevant portion of that proviso reads<br \/>\n\t      &#8220;&#8230;&#8230;..\t an  amount  equal  to\tseventy-five<br \/>\n\t      percent  of  the\tdevelopment  rebate  to\t  be<br \/>\n\t      actually allowed is debited to the profit\t and<br \/>\n\t      lass account of the relevant previous year and<br \/>\n\t      credited\tto a reserve account to be  utilised<br \/>\n\t      by  him during a period of ten years  for\t the<br \/>\n\t      purposes\tof the business of  the\t undertaking<br \/>\n\t      except&#8230;&#8230;\n<\/p>\n<p>The  creation of the reserve contemplated by this  provision<br \/>\nis  a  condition precedent for obtaining  the  allowance  of<br \/>\ndevelopment  rebate.   Admittedly  the\tappellant  has\t not<br \/>\ncreated\t any  such  separate reserve.\tSection\t 17  of\t the<br \/>\nBanking Companies Act, 1949 prescribed :\n<\/p>\n<blockquote><p>\t      &#8220;Every  banking company incorporated in  India<br \/>\n\t      shall maintain a reserve fund, and shall,\t put<br \/>\n\t      of the net profits of each year and before any<br \/>\n\t      dividend\t is   declared,.  transfer   a\t sum<br \/>\n\t      equivalent to not less than twenty per cent of<br \/>\n\t      such  profits  to the reserve fund  until\t the<br \/>\n\t      amount  of the said fund is equal to the\tpaid<br \/>\n\t      up capital.\n<\/p><\/blockquote>\n<blockquote><p>\t      Explanation.-For the purposes of this section,<br \/>\n\t      the  expression &#8216;net profits&#8217; shall  have\t the<br \/>\n\t      meaning  assigned to it in sub-section (3)  of<br \/>\n\t      section 87C of the Indian Companies Act,\t1913<br \/>\n\t      (VII of 1913).&#8221;\n<\/p><\/blockquote>\n<p>The  reserve  contemplated by that provision is\t a  separate<br \/>\nreserve.   The amount transferred to that reserve cannot  be<br \/>\nutilised for business purposes.\t The reserve contemplated by<br \/>\nproviso (b) to S. 10(2) (vi-b) of the Act is an\t independent<br \/>\nreserve.   The amount to be transferred to that\t reserve  is<br \/>\ndebited before the profit and loss account is made up.\tThat<br \/>\namount is required to be credited to a reserve account to be<br \/>\nutilised  by the assessee during a period of ten  years\t for<br \/>\nthe purposes of the business of the undertaking. The nature<br \/>\nof  the\t two reserves are different.  They are\tintended  to<br \/>\nserve  two  different purposes.\t As observed by\t the  Madras<br \/>\nHigh  &#8216;Court in C.I. T. v. Veeraswami Nainar and  Ors.\t(1),<br \/>\n that\tthe  object  of\t the  legislature  in\tallowing   a<br \/>\ndevelopment  of\t the  assessee&#8217;s business from\tout  of\t the<br \/>\nreserve\t fund  is apparent from the terms of,  the  proviso.<br \/>\nThe entries in the account books required by the<br \/>\n(1)  55 I.T R. 35<br \/>\n<span class=\"hidden_text\">351<\/span><br \/>\nproviso\t are  not  an idle formality.\tThe  assessee  being<br \/>\nobliged\t to credit the reserve fund for a specific  purpose,<br \/>\nhe  cannot draw upon the same for purposes other than  those<br \/>\nof the business and that amount cannot be distributed by way<br \/>\nof dividend.  It is also clear from the terms of the proviso<br \/>\nthat the transfer to the reserve Fund should be made at\t the<br \/>\ntime of making up the profit and loss account.<br \/>\nThe assessee not having complied with the requirements of<br \/>\ns.   10 (2) (vi-b) read with Explanations thereto, he is not<br \/>\nentitled to    claim the allowance in question.<br \/>\nIn the result our answer to the question formulated above is<br \/>\nin the negative.  This appeal is accordingly dismissed\twith<br \/>\ncosts.\n<\/p>\n<p>R.K.P.S.\t\t\tAppeal dismissed.\n<\/p>\n<p>(1) 59 I.T.R. 42.\n<\/p>\n<p><span class=\"hidden_text\">352<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court of India The Indian Overseas Bank Ltd vs The Commissioner Of Income-Tax, &#8230; on 23 April, 1970 Equivalent citations: 1970 AIR 1530, 1971 SCR (1) 348 Author: K Hegde Bench: Hegde, K.S. PETITIONER: THE INDIAN OVERSEAS BANK LTD. Vs. RESPONDENT: THE COMMISSIONER OF INCOME-TAX, MADRAS. DATE OF JUDGMENT: 23\/04\/1970 BENCH: HEGDE, K.S. BENCH: [&hellip;]<\/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-66625","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Indian Overseas Bank Ltd vs The Commissioner Of Income-Tax, ... on 23 April, 1970 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/the-indian-overseas-bank-ltd-vs-the-commissioner-of-income-tax-on-23-april-1970\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Indian Overseas Bank Ltd vs The Commissioner Of Income-Tax, ... on 23 April, 1970 - Free Judgements of Supreme Court &amp; 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