1981 (9) TMI 25 - HC - Income Tax

Summary

The High Court of Bombay disposed of two references concerning Asian Paints (India) Pvt. Ltd. regarding the inclusion of a gratuity reserve in the computation of capital for certain assessment years. The court held that the amount should be considered a reserve and included in the computation of capital for those years. The judgment was in favor of the assessee, and parties were directed to bear their own costs.