1991 (2) TMI 15

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..... -73, the Income-tax Appellate Tribunal has referred to this court under section 256(1) of the Income-tax Act, 1961, the following two questions of law which read as under : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the entire sum of Rs. 1,71,70,000 styled as general reserves was includible in the computation of the capital of the .....

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..... rgeable profits under the Surtax Act. It is common ground, in view of the Supreme Court's decision in the case of Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559, that this amount of Rs. 26,00,000 cannot now be included in the capital computation. The question is, therefore, answered thus: " The Tribunal was not justified in holding that the entire sum of Rs. 1,71,70,000 styled as 'gen .....

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