1989 (3) TMI 21

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..... to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the reserve for contingencies of Rs. 4,07,707 and the reserve for debenture redemption of Rs. 12,80,000 should be taken into account for the purpose of computation of capital under the Second Schedule to the Companies (Profits) Surtax Act, 1964, for the assessment year 1975-76 .....

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..... nal was justified in including the reserve for contingencies as a reserve for computation of capital under the Second Schedule to the Companies (Profits) Surtax Act, 1964, for the assessment year 1975-76. For the reasons indicated above, we decline to answer the question whether the Tribunal was justified in including the reserve for debenture redemption as a reserve for computation of capital a .....

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