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The High Court of Bombay delivered a judgment on cross references related to the assessee's assessment for the year 1974-75. The court answered the questions of law in favor of the Revenue based on previous court decisions. The second question regarding the inclusion of 'debenture redemption reserve' and 'gratuity reserve' in the computation of the assessee company's capital was answered in favor of the Revenue, with a direction to determine any excess gratuity reserve. Leave to appeal to the Supreme Court was granted regarding this question.
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