1983 (12) TMI 45 - HC - Income Tax

Summary

The High Court of Calcutta addressed a case under the Companies (Profits) Surtax Act, 1964. The Tribunal's decision regarding the treatment of excess depreciation adjustment as part of capital was upheld based on a previous judgment. The court granted a certificate of fitness for appeal to the Supreme Court on the issue of whether excess depreciation automatically becomes a reserve or remains part of undistributed profits.