Income-tax Officers to examine each item of reserve carefully before allowing them to be included in the capital base.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . 229/7/73-ITA.II) dated 11th November, 1974, directing the Income-tax Officers to examine each item of reserve carefully before allowing them to be included in the capital base and not being missed by the nomenclature given by the assessees in the Balance Sheet. 2. Finance Act, 1976, (66 of 1976) has inserted a new rule numbered rule 1A after rule 1 in the second Schedule to the Companies (Prof .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... fall. Explanation- For the purposes of this rule, the amount of credit which should have reasonably been made by a company in relation to any account of the nature of item (9) aforesaid, means the amount of dividend declared or paid by the company, on or after the first day of the previous year relevant to the assessment year, for the previous year immediately preceding the first mentioned previ .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X