1988 (11) TMI 68 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee, stating that only the amount of provision for taxation actually utilized should be excluded from the computation of capital for the Companies (Profits) Surtax Act, 1964. The decision was based on the Supreme Court judgment in Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559 (SC).