1989 (4) TMI 22 - HC - Income Tax

Summary

The High Court of Calcutta considered questions of law related to the Companies (Profits) Surtax Act, 1964 for assessment years 1973-74 and 1974-75. The first question was answered in favor of the assessee based on a previous judgment. The second question regarding reserves was answered affirmatively for the "Tax equalisation reserve" but remanded for further consideration for the "Reserve for doubtful debts and advances." The Tribunal was directed to follow Supreme Court principles in resolving the matter. No costs were awarded.