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State Bank of Travancore and ors. Vs. Kayamkulam Municipal Council and ...

Court : Supreme Court of India

Reported in : (2001)9SCC257

..... on the enactment of the state bank of india (subsidiary banks) act, 1959, which was brought into force with effect from 1-1-1960, a new bank called state bank of travancore (appellant herein) was constituted under the provisions of the said act and the undertaking of the travancore bank limited was vested in the newly-constituted bank.3. ..... this is so, it must be held that the appellant (constituted on and with effect from 1-1-1960) is not a company within the meaning of the travancore district municipalities act and, therefore, is not liable to pay profession tax at the higher rate prescribed in the proviso to rule 16 of the second schedule to the travancore district municipalities act read with rule 19(1) of the taxation and finance rules contained in schedule ii to the kerala municipalities act. ..... the appellant bank submits that it is not a company within the meaning of the travancore district municipalities act and, therefore, is not governed by the proviso to rule 16 of the second schedule to the travancore act read with the proviso to rule 19(1) of the second schedule to the kerala municipalities act. ..... rates of tax were provided by rule 16 of the second schedule to the act. ..... 19(1) of the taxation and finance rules in schedule ii to the act provided for continuance of the profession tax at a rate higher than rs 250 in cases where the profession tax was being levied at such higher rate in the financial year immediately preceding the commencement of the constitution of india. .....

Samakar Nastik Kendram Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)44ITD145(Hyd.)

..... scheduled bank means the state bank of india or a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959, a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970, or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), or any other bank being a bank included in the second schedule to the reserve bank of india act, 1934 ..... since it falls below the taxable limit.further we hold that the proviso to section 164(2) does not apply since the assessee had substantially complied with the provisions of section 13(1)(d) and section 11 (5)(iii) of the it act and part of the relevant income became taxable and became in excess under section 11 or section 12 not because the provisions of clause 13(1)(c) or (d) were contravened in which case only, the maximum marginal rate can be ..... thus it had fulfilled all the requirements of section 11 (5)(a)(iii) which says that deposit in any account with a scheduled bank of a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank is one of the forms and modes of investing or depositing the money. ..... we are satisfied that the assessee had substantially complied with the requirements of section 11(5) (iii) of the income-tax act by depositing the income derived by the trust in the savings bank account no. .....

Deputy Commissioner of Income Tax Vs. Catholic Syrian Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)267ITR52(Coch.)

..... the expression 'scheduled bank' would, therefore, cover the state bank of india constituted under the state bank of india act, 1955, any subsidiary bank of the state bank of india as defined in the state bank of india (subsidiary bank) act, 1959, a nationalized bank as specified in section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970, or any other bank included in the second schedule to the reserve bank of india act, 1934. ..... 36(1)(viia) has been amended to provide that in respect of any provision for bad and doubtful debts made by a scheduled bank not being a bank approved by the central government for the purposes of section 36(1)(viia) of a bank incorporated by or under the laws of a country outside india or a non-scheduled bank, an amount not exceeding ten per cent of the total income (computed before making any deduction under the new provision) or two per cent of the aggregate average advances made by rural ..... 13.2 in order to promote rural banking and assist the scheduled commercial banks in making adequate provisions from their current profits to provide for risks in relation to their rural advances, the finance act, 1979, has inserted a new clause (viia) in sub-section (1) of section 36 of the it act to provide for a deduction, in the computation of the taxable profits of all scheduled commercial banks, in respect of provisions made by them for bad and doubtful debts relating to advances made by their rural branches. .....

Thyaka Trust Vs. State of Kerala and anr.

Court : Kerala

Reported in : (1999)152CTR(Ker)63; [1999]236ITR185(Ker)

..... --for the purposes of sub-clause (ii), 'scheduled bank' means the state bank of india constituted under the state bank of india act, 1955, a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959, a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970, the banking companies (acquisition and transfer of undertakings) act, 1980, or any other bank, being a bank included in the second schedule to the reserve bank of india act, 1934. ..... security as defined in clause (2) of section 2 of the public debt act, 1944 (central act 18 of 1944), or in any other security which may be approved by the state government in this behalf, or (ii) deposited in any account with the post office savings bank [including deposits made under the post office (time deposits) rules, 1970] or a scheduled bank or a co-operative society engaged in carrying on the business of banking (including the kerala state co-operative agricultural and rural development bank), or (iii) deposited in an account with the kerala financial .....

Commissioner of Income Tax Vs. Upendra T. Kapadia

Court : Mumbai

..... , "scheduled bank" means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980) or any other bank being a bank included in the second schedule to the reserve bank of india act, 1934 (2 of 1934);" from the reading of the above sections, it is amply clear that section 43b of the act is applicable only in respect of any amount paid as interest to a scheduled bank. ..... state bank of india, its subsidiaries, nationalized banks and any bank included in the second schedule to reserve bank of india act, 1924. ..... is not mentioned in the second schedule to the reserve bank of india act, 1934 nor covered by any other banks mentioned to the explanation to section 11(5)(iii) of the act. ..... on second appeal, the tribunal by its order dated 26/10/2009 held that section 43b of the act would not apply in case of payment of interest to a co-operative bank for the reason that the section is applicable only in respect of interest payable on a loan taken from a scheduled bank. .....

Tamilnadu Magnesite Ltd. Vs. the Deputy Commissioner of Income Tax

Court : Chennai

Reported in : [2008]303ITR71(Mad)

..... before the first day of the previous year ;(ii) 'scheduled bank' means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), or any other bank being a bank included in the second schedule to the reserve bank of india act, 1934 (2 of 1934), but does not include a co-operative bank ;(iii) 'public financial institution' shall have the ..... meaning assigned to it in section 4a of the companies act, 1956 (1 of 1956) ;(iv) 'state financial .....

M/S Queen's Educational Society Vs. Commr. of Income Tax

Court : Supreme Court of India

..... -in this clause, "scheduled bank" means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), or any other bank being a bank included in the second schedule to the reserve bank of india act, 1934 (2 of 1934); (iv) investment in units of the unit trust of india established under the unit trust of india act, 1963 (52 of 1963); (v) investment in any security for money created ..... and issued by the central government or a state .....

Commissioner of Income-tax Vs. Atam Ballabh Finance Pvt. Ltd.

Court : Delhi

Reported in : (2002)177CTR(Del)369; [2002]258ITR485(Delhi)

..... --for the purposes of this section, the expression--(i) 'scheduled bank' means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), or any other bank included in the second schedule to the reserve bank of india act, 1934 (2 of 1934), and which is a domestic company;(ii) 'public financial institution' shall have the meaning assigned to it in section 4a of ..... the companies act, 1956 (1 of 1956);(iii) 'state financial corporation' and 'state .....

Commissioner of Income-tax Vs. East India Charitable Trust

Court : Kolkata

Reported in : [1994]206ITR152(Cal)

..... --in this clause, 'scheduled bank' means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959) ; a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), or any other bank being a bank included in the second schedule to the reserve bank of india act, 1934 (2 of 1934) ; (iv) investment in units of the unit trust of india established under the unit trust of india act, 1963 (52 of 1963) ; (v) investment in any security for money ..... created and issued by the central government or a state .....

Director of Income Tax Vs Acme Educational Society

Court : Delhi

..... bank;(iii) deposit in any account with a scheduled bank or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank).explanation.in this clause, "scheduled bank" means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), or any other bank being a bank included in the second schedule to the reserve bank of india act .....