Case Law Details
Case Name : Srei Infrastructure Finance Ltd Vs ACIT (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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Issue – Whether on the facts and in the circumstances of the case the Tribunal in computing book profit under Section 115JB was justified in confirming the addition of Rs. 9,80,00,000/- transferred to the special reserve pursuant to the provisions of Section 45-IC of the Reserve Bank of India Act, 1934 under Clause (b) of the Explanation to Section 115JB?
Whether on the facts and in the circumstances of the case the Tribunal in computing book profit under Section 115JB was justified in confirming the additions of :-
(a) Rs. 16,00,00,000/- transferred to the special reserve pursuant to ...
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Sub-section (2) of 45IC: No appropriation of any sum from the reserve fund shall be
made by the non-banking financial company except for the purpose as may be
specified by the Bank from time to time.
Two Questions to have clarity about:
1. How to apply RBI for appropriation;
2. What are the instances of appropriation.