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In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “The Nehru Trust for Cambridge University” for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
Circular No. 458-Income Tax This question [as to whether the credit balance in the profit and loss account can be treated as a reserve] was considered by the Supreme Court in CIT v. Century Spg. & Mfg. Co. Ltd. [1953] 24 ITR 499 in the context of rule 2(1) of the Schedule to the Business Profits Tax Act under which the reserves were treated as forming part
Circular : No. 459-Income Tax I am directed to invite the reference to this Ministry’s Circular No. 429 [F. No. 275/35/85-IT(B)], dated 8-8-1985, wherein the rates of income-tax deductions during the financial year 1985-86 from the payment of income chargeable under the head “Salaries” under section 192 were intimated.
