1976 (7) TMI 48 - HC - Income Tax

Summary

The High Court of Bombay ruled on the inclusion of dividend reserves and general reserves in the computation of capital under the Companies (Profits) Surtax Act for assessment years 1965-66 and 1966-67. For 1965-66, only Rs. 9,285 of the Rs. 17,25,000 dividend reserve was includible. For 1966-67, Rs. 6,64,285 of the general reserve was includible, while Rs. 18,35,715 was not. Each party to bear its own costs.