9911796707
TMI Blog1967 (9) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... taken into consideration in computing the capital of the applicant-company for the purpose of determining the standard deduction as contemplated in sub-section (9) of section 2 of the Super Profits Tax Act, 1963, and the Schedules mentioned therein ? Section 4 is the charging section of the Act. That section reads as follows : " Subject to the provisions contained in this Act, there shall be charged on every company for every assessment year commencing on and from the 1st day of April, 1963, a tax (in this Act referred to as the super profits tax) in respect of so much of its chargeable profits of the previous year or previous years as the case may be, as exceed the standard deduction, at the rate or rates specified in the Third Schedule. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be the sum of the amounts, as on the first day of the previous year relevant to the assessment year, of its paid up share capital and of its reserve, if any, created under the proviso (b) to clause (vib) of sub-section (2) of section 10 of the Indian Income-tax Act, 1922 (11 of 1922), or under sub-section (3) of section 34 of the Income-tax Act, 1961 (43 of 1961), and of its other reserves in so far as the amounts credited to such other reserves have not been allowed in computing its profits for the purposes of the Indian Income-tax Act, 1922 (11 of 1922), or the Income-tax Act, 1961 (43 of 1961), diminished by the amount by which the cost to it of the assets the income from which in accordance with clause (iii) or clause (vi) or claus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ...... 6. To set apart for some purpose or with some end in view ; to keep for some use ...... II. To retain or preserve for certain purposes. (Oxford Dictionary, Vol. VIII, p. 513.) In Webster's New International Dictionary, second edition, page 2118, ' reserve' is defined as follows : ' 1. To keep in store for future or special use ; to keep in reserve ; to retain, to keep, as for onself. 2. To keep back ; to retain or hold over to a future time or place. 3. To preserve and : " The reserve may be a general reserve or a specific reserve, but there must be a clear indication to show whether it was a reserve either of the one or the other kind. The fact that it constituted a mass of undistributed profits on the 1st January, 1946, ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
