1989 (3) TMI 21 - HC - Income Tax

Summary

The High Court of Calcutta ruled that the reserve for contingencies should be considered for computing capital under the Companies (Profits) Surtax Act, 1964, for the assessment year 1975-76. The issue of reserve for debenture redemption was directed to be reexamined based on previous judgments. The Court declined to answer whether the reserve for debenture redemption should be included in the computation of capital. No costs were awarded.