1979 (11) TMI 5 - HC - Income Tax

Summary

The High Court of Madras dismissed the Commissioner of Income-tax's application for reference of two questions regarding rectification of mistakes and reserves under the Companies (Profits) Surtax Act, 1964. The court held that the reserves in question had already been addressed in previous decisions and that the contingency reserve is akin to a general reserve. The petitions were dismissed with no order as to costs.