1988 (12) TMI 96 - HC - Income Tax

Summary

The judgment of the Bombay High Court in 1988 (12) TMI 96 raised a question regarding the inclusion of dividend reserve pertaining to preference shares in capital computation base. The court ruled in favor of the Revenue, following the Supreme Court decision in Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559. No costs were awarded.