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Search Results Judgments > Act:RESERVE BANK OF INDIA ACT, 1934 (2 OF 1934) Section 36

Mar 10 2006

The Jt. Commissioner Of Income Vs. India Equipment Leasing Ltd.

  • Decided on : 10-Mar-2006

Court : Income Tax Appellate Tribunal (ITAT) - Chennai

Reported in : (2008)111ITD37(Chennai)

... Section 145 of the Income-tax Act and guidelines issued by Reserve Bank of India. In other words whether due to non-obstante clause in Section 45Q of Reserve Bank of India Act, 1934, the guidelines issued by Reserve Bank of India Act, 1934, shall override the provision of Section 145 of the Income-tax Act. In order to determine this issue we have to examine: (a) The nature of income-tax Act and Reserve Bank of India Act, whether Special Act or General Act ... Reserve Bank of India guidelines cannot override the mandatory provisions of Section 36(1)(viia) of the Act. In view of above discussions and the decision of Hon'ble Madras High Court, it is held that RBI guidelines will not override the mandatory provisions of Section 145 of the Act ... Act, 1934, override the provisions of Section 145(2) of the Act because of non-obstante clause appearing in Section 45Q; (ii) that the Income-tax Act, 1961, is a General Act, whereas Reserve Bank of India Act is a Special Act; (iii) that it was not the case of the department that there was excess delegation of power. Therefore, the provisions of Reserve Bank of India Act would override the provisions of Income-tax Act ...

May 16 2000

D.B. Sogani and Ors. Vs. Akhil Bharatiya Bank of Rajasthan Karmchari S ...

  • Decided on : 16-May-2000

Court : Rajasthan

Reported in : AIR2000Raj337; 2000(3)WLC36; 2000(3)WLN249

... the aforesaid direction to CBI to investigate the acts, commissions and omissions committed by Bangur group leading misfeasance and malfeasance to the tune of Rs. 300 crores to the Bank of Rajasthan Limited and also directing the Reserve Bank of India respondent No. 2 to take steps immediately under Section 36-AA of Banking Regulation Act as these facts and circumstances are narrated ... order also directed the Reserve Bank of India to take immediate action under Section 36-AA and other provisions of the Banking Regulation Act. 2. We consider it unnecessary to delineate the facts and circumstances of the case under which the learned single Judge was compelled to issue the aforesaid direction to CBI to investigate the acts, commissions and omissions committed ... Bank directly or indirectly and it has been admitted in the return filed by RBI. the respondent No. 2. that the said nominee Directors of the Bangur Group are still wielding influence, and therefore, it shall be appropriate to direct the Reserve Bank of India, to take immediate action under Section 36-AA or any other provision of the Banking Regulation Act ... Bank was siphoned to the sister concerns of the Bangur group and as to how much amount is still due and how much returned or returnable for the purpose of criminal and civil consequences. The learned single Judge by his impugned order also directed the Reserve Bank of India to take immediate action under Section 36-AA and other provisions of the Banking Regulation Act. 2 ...

Feb 14 2003

Kerala Financial Corporation Vs. Commissioner of Income Tax

  • Decided on : 14-Feb-2003

Court : Kerala

Reported in : (2003)182CTR(Ker)502; [2003]261ITR708(Ker)

... of Section 36(1)(viii) to have the reserve created to be maintained by the assessee. In other words, the mere creation of a special reserve in its P&L; a/c is sufficient to entitle the assessee to claim the benefit under Section 36(1)(viii) of the IT Act during the assessment year in question. It was also contended that the Industrial Development Bank of India had ... is 1994-95. 2. The assessee was assessed on a total income of Rs. 1,04,38,220 for the asst. yr. 1994-95. While making the assessment under Section 143(3) of the IT Act, the assessee claimed deduction of an amount of Rs. 70,04,148 under Section 36(1)(viii) which was allowed in respect of the special reserve created by the ... Section 36(1)(viii) of the IT Act during the assessment year in question. It was also contended that the Industrial Development Bank of India had issued guidelines and as per the guidelines so issued and produced as Annexure E, the State Financial Corporation has been permitted to create special reserve to avail of the benefit as permissible in terms of Section 36(1)(viii) of the IT Act ... Industrial Development Bank of India had issued guidelines and as per the guidelines so issued and produced as Annexure E, the State Financial Corporation has been permitted to create special reserve to avail of the benefit as permissible in terms of Section 36(1)(viii) of the IT Act, 1961. The cumulative balance of provisions available/made under this section is admissible for provision purposes. The reserve ...

Mar 19 1997

B.O.I. Finance Ltd. Vs. Custodian and Ors.

  • Decided on : 19-Mar-1997

Court : Supreme Court of India

Reported in : AIR1997SC1952; 1997(4)ALLMR(SC)450; [1997]89CompCas74(SC); JT1997(4)SC15; 1996(5)SCALE17; (1997)10SCC488; [1997]3SCR51

... Reserve Bank of India prohibits the banking companies from entering into any particular transaction then such a direction which is issued would be binding on the banks and has to be complied with. While the Reserve Bank of India has the power, under Section 36(1)(a) of the Act, to give advice or to caution the banking companies which may not be binding on the banking companies, but when the Reserve Bank prohibits the banking ... banks.25. Section 21 of the Banking Companies Act, and Sub-section (2) in particular, entitled the Reserve Bank of India to give directions to the banking companies with regard to the matters specified in the said section. Sub-section (3) provides that every banking company shall be bound to comply with any directions given to it under the said Section. Section 35A(1) also contains the power of the Reserve Bank of India ... Section 36(1)(a) clearly implies that when the Reserve Bank of India prohibits the banking companies from entering into any particular transaction then such a direction which is issued would be binding on the banks and has to be complied with. While the Reserve Bank of India has the power, under Section 36(1)(a) of the Act, to give advice or to caution the banking ...

May 11 2006

Salim Akbarali Nanji Vs. Union of India (UOI) and Ors.

  • Decided on : 11-May-2006

Court : Supreme Court of India

Reported in : AIR2006SC2218; 2006(3)AWC3053(SC); II(2006)BC334(SC); [2006]131CompCas675(SC); JT2006(5)SC587; 2006(3)KLT6(SC); (2006)4MLJ167(SC); 2006(5)SCALE606; (2006)5SCC302; [2006]68S

... Reserve Bank of India to act in accordance with its statutory obligations. In this connection, reference has been made to Sections 21, 22(4), 27, 30, 35, 35A, 36, 36AA, and 45 of the Banking Regulation Act, 1949.i). Section 21 of the Banking Regulation Act empowers the Reserve Bank to determine the policy in relation to advances to be followed by banking companies generally, or by any banking ... Section 17(2), a banking company can appropriate sums from the reserve fund or the share premium account, and the same must be reported to the Reserve Bank of India within 21 days explaining the circumstances relating to such appropriation. This implies that appropriation of the statutory reserve fund does not require the Reserve Bank's prior approval though there is a statutory obligation on banks to report appropriation to the Reserve Bank ... 36, 36AA, and 45 of the Banking Regulation Act, 1949.i). Section 21 of the Banking Regulation Act empowers the Reserve Bank to determine the policy in relation to advances to be followed by banking companies generally, or by any banking company in particular. The policy, if so, determined by the Reserve Bank of India in public interest or in the interest of depositors or banking policy, must be followed by all banking ...

Jan 25 2007

Philomina Francis Vs. The Accountant General of Kerala and Ors.

  • Decided on : 25-Jan-2007

Court : Kerala

Reported in : 2008(1)KLJ83

... Reserve Bank of India Act, 1934. The position disclosed is that the Reserve Bank of India owns not less than 55% of the shares in the State Bank of India, and cent per cent of the shares in the Reserve Bank of India are owned by the Government. We find too, that a subsidiary bank such as the State Bank of Travancore is to act, as an agent of the State Bank of India if required (Section 36 ... doubt, if I adopt the reasoning of the learned Single Judge in Kuttan Pillai v. State of Kerala 2001 (2) KLT 375, it may not be difficult for me to hold straight-away that State Bank of Travancore which, like the Kerala Financial Corporation, is also a creature of a Statute, is also to be ... India Act, 1934. The position disclosed is that the Reserve Bank of India owns not less than 55% of the shares in the State Bank of India, and cent per cent of the shares in the Reserve Bank of India are owned by the Government. We find too, that a subsidiary bank such as the State Bank of Travancore is to act, as an agent of the State Bank of India if required (Section 36 of the Subsidiary Banks Act ... Bank of India Act, 1955, the State Bank of India (Subsidiary Banks) Act, 1959, and the Reserve Bank of India Act, 1934. The position disclosed is that the Reserve Bank of India owns not less than 55% of the shares in the State Bank of India, and cent per cent of the shares in the Reserve Bank of India are owned by the Government. We find too, that a subsidiary bank such as the State Bank of Travancore is to act ...

Apr 18 1984

C.V. Raman and Ors. Vs. Bank of India and Ors.

  • Decided on : 18-Apr-1984

Court : Chennai

Reported in : [1985]57CompCas126(Mad); (1984)IILLJ34Mad

... Reserve Bank of India Act, 1934. The position disclosed is that the Reserve Bank of India owns not less than 55 per cent. of the shares in the State Bank of India and cent per cent. of the shares in the Reserve Bank of India are owned by the Government. We find too, that a subsidiary bank such as the State Bank of Travancore is to act as an agent of the State Bank of India if required (section 36 ... Act 5 of 1970 and the State Bank of India Act. -----------------------------------------------------------------------Act 5 of 1970 State Bank of India Act of 1955-----------------------------------------------------------------------Preamble to the Act Preamble to the Act.Section 2(d). 'Corresponding 3. Establishment of the StateNew Bank' in relation to an Bank. - (i) A Bank called theexisting Bank means the Body State Bank of India shall becorporate specified against constituted to carry on thesuch Bank in column (2) of business of banking ... Reserve Bank of public ownership, Central Act 62 of 1948 was enacted. That came into force on the appointed day, namely, 1st January, 1949. That was the Act to bring the share capital of the Reserve Bank to public ownership and to make consequential amendments in the Reserve Bank of India Act, 1934. Section 3 of the Act is as follows : '3. Transfer of Bank ...

May 23 1989

PUNJAB NATIONAL BANK Vs. INSPECTING ASSISTANT COMMISSIONER.

  • Decided on : 23-May-1989

Court : Delhi

Reported in : [1989]30ITD245(Delhi); (1989)34TTJ(Del)359

... The assessed conclusion was supported by the audit conducted by the Reserve Bank of India as well as the statutory auditors and the Board of Directors of the assessed bank. If their conclusion was held disputable by the Inspecting Asstt. Commissioner as not in conformity with the Income tax act, then under section 36[2] [iii], the debt should have been allowed in the next assessment ... and intensive scrutiny by independent outside agencies like Reserve Bank of India, its decision must be accepted as justified and reasonable and when the amount was written off as bad debt, normally no further question should arise. If a reference is made to sections 36(1) (vii) and 36(1) (viia) of the Income-tax Act, though section 36(1) (viia) was inserted with effect from 1 ... a nationalised bank that the debt had become irrecoverable, whose decisions were subject to severe and intensive scrutiny by independent outside agencies like Reserve Bank of India, its decision must be accepted as justified and reasonable and when the amount was written off as bad debt, normally no further question should arise. If a reference is made to sections 36(1) (vii) and 36(1) ... and deeper than the audit by statutory auditor by the audit by the Reserve Bank of India and when all those external and internal auditors had approved the decision of the bank, it could not be still said that the write off was premature, inasmuch as the Income-tax Act does not impose a further condition other than the conditions that should ...

Jul 20 1983

State Bank Of India Vs. Inspecting Assistant

  • Decided on : 20-Jul-1983

Court : Income Tax Appellate Tribunal (ITAT) - Kolkata

Reported in : (1983)6ITD225(Kol.)

... Section 36 of the State Bank of India Act, the State Bank has to maintain a special fund known as integration and development fund. Under Sub-section (2) of Section 36 it was provided that the fund shall be utilised exclusively for meeting losses in excess of such yearly sum as may be agreed upon between the Reserve Bank of India and the State Bank of India ... India Act, the State Bank has to maintain a special fund known as integration and development fund. Under Sub-section (2) of Section 36 it was provided that the fund shall be utilised exclusively for meeting losses in excess of such yearly sum as may be agreed upon between the Reserve Bank of India and the State Bank of India and attributable to the branches established in pursuance of Sub-section (5) of Section ... Bank of India Act, the State Bank has to maintain a special fund known as integration and development fund. Under Sub-section (2) of Section 36 it was provided that the fund shall be utilised exclusively for meeting losses in excess of such yearly sum as may be agreed upon between the Reserve Bank of India and the State Bank of India and attributable to the branches established in pursuance of Sub-section ...

Dec 05 2002

CIT Vs. Syndicate Bank

  • Decided on : 05-Dec-2002

Court : Karnataka

Reported in : [2003]127TAXMAN287(Kar)

... section (2) of section 11 to be made with the Reserve Bank by a banking company incorporated outside India and any balances maintained in India by a banking company in current account with the Reserve Bank or the State Bank of India or with any other bank which may be notified in this behalf by the Central Government including in the case of a scheduled bank the balance required under section 42 of the Reserve Bank of India Act, 1934 (2 of 1934 ... 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 ... 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 reserve which it is required to maintain under section 18, shall maintain in India ...

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