Lapsed demand drafts, gift cheque kept in general reserve could not be treated as income of banking company

INCOME TAX : Where assessee, a banking company, had kept amount from lapsed demand drafts, gift cheques etc., in its general reserve and same was routed through its P&L account, since assessee was under an obligation to meet future claims in respect of such drafts, gift cheques etc., out of general reserve so created, amount in question could not be treated as income of assesseeINCOME TAX : Where assessee, a banking company, had kept amount from lapsed demand drafts, gift cheques etc., in its general reserve and same was routed through its P&L account, since assessee was under an obligation to meet future claims in respect of such drafts, gift cheques etc., out of general reserve so created, amount in question could not be treated as income of assesseewww.taxmann.com Latest Case LawsRead More

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