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Judgment Search Results Home  Phrase:reserve bank of india act 1934 2 of 1934 section 36

Dec 05 2002

Commissioner of Income-tax Vs. Syndicate Bank

  • Decided on : 05-Dec-2002

Court : Karnataka

Reported in : (2003)180CTR(Kar)1; [2003]261ITR528(KAR); [2003]261ITR528(Karn)

... average daily balance which it is, or may be, required to maintain under section 42 of the reserve bank of india act, 1934 (2 of 1934), and (ii) every other banking company, in addition to the cash ... reserve which it is required to maintain under section 18, shall maintain in india,-- (a) in cash, or (b ... the case of a scheduled bank the balance required under section 42 of the reserve bank of india act, 1934 (2 of 1934), to be so maintained, shall be deemed to be cash maintained in india ; (2a)(a) notwithstanding anything contained in sub-section (1) or in sub-section (2), after the expiry of two years from the commencement of the banking companies (amendment) act, 1962 (36 of 1962),-- (i) a scheduled bank, in addition to the ...

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Dec 05 2002

CIT Vs. Syndicate Bank

  • Decided on : 05-Dec-2002

Court : Karnataka

Reported in : [2003]127TAXMAN287(Kar)

... reserve which it is required to maintain under section 18, shall maintain in india,(a) in cash, or(b ... average daily balance which it is, or may be, required to maintain under section 42 of the reserve bank of india act, 1934 (2 of 1934), and(ii) every other banking company, in addition to the cash ... the case of a scheduled bank the balance required under section 42 of the reserve bank of india act, 1934 (2 of 1934), to be so maintained shall be deemed to be cash maintained in india;(2a)(a) notwithstanding anything contained in sub-section (1) or in subsection (2), after the expiry of two years from the commencement of the banking companies (amendment) act, 1962 (36 of 1962) :(i) a scheduled bank, in addition to the ...

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Nov 12 2002

CIT Vs. Catholic Syrian Bank Ltd.

  • Decided on : 12-Nov-2002

Court : Kerala

Reported in : [2003]130TAXMAN447(Ker)

... )(a) notwithstanding anything contained in sub-section (1), or in sub-section (2), after the expiry of two years from the commencement of the banking companies (amendment) act, 1962 (36 of 1962) :(i) a scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under section 42 of the reserve bank of india act, 1934 (2 of 1934), and(ii) every other banking company, in addition to the cash ... , shall maintain in india,(a) in cash, or(b ... reserve which it is required to maintain under section 18 ...

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Dec 02 1960

Itty Kurian and Anr. Vs. Union of India (UOI) and Ors.

  • Decided on : 02-Dec-1960

Court : Kerala

Reported in : AIR1962Ker267

... as possible and put their savings either in government securities or banks'.60. section 36(2) of the banking companies act, 1949, makes provision for the reserve bank to make annual report to the central government on the trend and progress of banking in the country with particular reference to its activities under clause (2) of section 17 of the reserve bank of india act 1934, including in any sued reports, its suggestions, if any, for ... the strengthening of banking business throughout the country. accordingly, the reserve bank has sent a ... report for the period 1949-1932 en-titled 'trend and progress of banking in india. 1949-1952.' in that report in chapter 2 under the heading 'history of banking legislation in india' it is stated ...

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Oct 10 2007

Reserve Bank of India Vs. Pattem Surya Prakash Rao and Ors.

  • Decided on : 10-Oct-2007

Court : Andhra Pradesh

Reported in : 2007(6)ALT563

... contentions:1. the rbirbirbi while cancelling the licence invoked the provisions of sections 11, 18 and 24 of the 1949 act which are made inapplicable to the bank by virtue of section 56(za) read with section 36-a of the 1949 act as it has been prohibited or precluded from accepting deposits by virtue of earlier orders passed by the rbirbirbi.2. the order of the rbirbirbi cancelling licence is ... disentitled to carry on banking business in india; or(c) that the co-operative bank has been prohibited from receiving fresh deposits by an order under sub-section (4) of section 35 of the said act or under clause (b) of sub-section (3a) of section 42 of the reserve bank of india act, 1934; or(d) that the co-operative bank having failed to comply with any requirement of banking regulation act, 1949, other than ... the requirements laid down in section 11 thereof, has continued such failure or, having contravened ...

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Jul 17 2006

Morgan Securities and Credits Pvt. Ltd. Vs. Morepen Laboratories Ltd. ...

  • Decided on : 17-Jul-2006

Court : Delhi

Reported in : 2006(3)ARBLR159(Delhi); 132(2006)DLT588; 2006(91)DRJ618

... advanced by the imperial bank of india or any bank included in the second schedule, reserve bank of india act, 1934, or any banking company registered under the indian companies act, 1913, prior to the first day of april, 1937, or any cooperative society under, the co-operative societies act, 1912. explanation.- interest may be itself be sufficient evidence that the transaction was substantially unfair.(3) this section shall apply to ... granted to a party challenging such an award is of three months with one month further grace if sufficient cause is shown failing which under the provisions of section 36 of the said act the award becomes enforceable under the code of civil procedure, 1908 in the same manner as if it were a decree of the court. it was submitted ... the arbitration and conciliation act, 1996. section 3 would be applicable to suits. the present proceeding does not emanate from a suit; (ii) in any event, even under section 3 of the usurious loans act, 1918, the proviso thereto makes it clear that the said section is not applicable to 'any decree of a court.' by virtue of the provisions of section 36 of the arbitration and ... conciliation act, 1996, the award dated 28.6.2003 has to be ...

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Aug 31 2000

Deputy Commissioner Of Income Tax Vs. Dhanalakshmi Bank Ltd.

  • Decided on : 31-Aug-2000

Court : Income Tax Appellate Tribunal (ITAT) - Cochin

... daily balance which it is, or may be, required to maintain under section 42 of the rbirbirbi act, 1934 (2 of 1934), and (ii) every other banking company, in addition ... in the case of a scheduled bank the balance required under section 42 of the rbirbirbi act, 1934 (2 of 1934), to be so maintained, shall be deemed to be cash maintained in india : (2-a) (a) notwithstanding anything contained in sub-section (1) or in sub-section (2), after expiry of two years from the commencement of the banking companies (amendment) act, 1962 (36 of 1962),-- (i) a scheduled bank, in addition to the average ... to the cash reserve which it is required ...

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Aug 31 2000

Dy. Cit Vs. Dhanalakshmi Bank Ltd.

  • Decided on : 31-Aug-2000

Court : Income Tax Appellate Tribunal (ITAT) - Cochin

... daily balance which it is, or may be, required to maintain under section 42 of the rbirbirbi act, 1934 (2 of 1934), and (ii) every other banking company, in addition ... in the case of a scheduled bank the balance required under section 42 of the rbirbirbi act, 1934 (2 of 1934), to be so maintained, shall be deemed to be cash maintained in india : (2-a) (a) notwithstanding anything contained in sub-section (1) or in sub-section (2), after expiry of two years from the commencement of the banking companies (amendment) act, 1962 (36 of 1964 (i) a scheduled bank, in addition to the average ... to the cash reserve which it is required ...

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Sep 15 2009

Art Leasing Ltd. Vs. Commissioner of Income-tax

  • Decided on : 15-Sep-2009

Court : Kerala

Reported in : [2010]187TAXMAN29(Ker)

... powers conferred on the bank under section 45ja of the reserve bank of india act, 1934 (for short 'the rbirbirbi act'). however, in the course of assessment, the assessing officer noticed that the appellant/assessee has claimed deduction of the entire provision created for bad and doubtful debts in the computation of taxable income. since the explanation contained in section 36(1)(vii) of the income-tax act prohibits deduction of any ... of the rbirbirbi act, the guidelines issued by the rbirbirbi have overriding effect over the provisions of the income-tax act and so much so, the claim was rightly directed to be allowed by the cit (appeals). the further contention raised by the assessee is that by virtue of sub-section (2) of section 145 of the income-tax act, the rbirbirbi guidelines should be treated as equivalent to ... the assessment years 1997-98 to 2000-01. we have heard sri t.m. sreedharan, learned counsel appearing for the appellant.2. the appellant-assessee is a non-banking financial company (nbfc) registered with reserve bank of india. as a measure of control, the rbirbirbi has issued guidelines to nbfcs to create provision for bad and doubtful debts. according to the assessee, the assessee created the ...

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Jan 30 2008

Choudhry Traders rep. by its Proprietor, Mr. Ramdath Choudhry S/o Late ...

  • Decided on : 30-Jan-2008

Court : Andhra Pradesh

Reported in : 2008(3)ALD670; 2008(4)ALT193

... banking regulation act, 1949, reserve bank of india act, 1934 etc.28. it is also stated that the bank issued guidelines dated 3rd september 2005 in exercise of the powers conferred under section 36 of the banking regulation act, 1949 to public sector banks at the request of government of india.29. further, it is stated that the public sector banks are governed by statues constituting them like, state bank of india act, 1955, state bank of india (subsidiary banks) act, 1959, banking ... of 2006, dated 14.2.2006, wherein the learned judge of the madras high court observed as hereunder:on a perusal of the guidelines dated 3.9.2005 issued by the reserve bank of india, i find that the said guidelines do not refer to either section 21 or section 35a of the banking regulation act, or state any terms ... may be, shall be bound to follow the policy as so determined.(2) without prejudice to the generality of the power vested in the reserve bank under sub-section (1), the reserve bank may give directions to banking companies, either generally or to any banking company or group of banking companies in particulars, (as to, --(a) the purpose for which advances ... representing the writ petitioner, sri m. narender reddy, learned counsel representing the first respondent and sri m.p. ugle, learned counsel representing the second respondent.2. the counsel for the petitioner had taken this court through the contents of an affidavit filed in support of the writ petition, respective stands taken by r1 ...

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