9911796707
TMI Blog1981 (12) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. is the assessee and the assessment year concerned is 1967-68. The Surtax Officer did not treat a sum of Rs. 23,27,500, shown as reserve for taxation in the balance-sheet of the company, as a reserve in the computation of the capital base for the purpose of surtax assessment for the assessment year 1967-68. He treated the amount as a provision. On appeal, the AAC, following the Tribunal's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a "reserve for taxation " was a 'reserve' within the meaning of r. 1 to the Second Schedule to the Companies (Profits) Surtax Act, 1964, so as to be included in the capital computation for the purpose of the said Act ?" A similar question came up for consideration before this court in the case of the assessee for the assessment year 1963-64 under the provisions of the Super Profits Tax Act, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties to the dispute drew its attention to the decision of the Tribunal in the case of the assessee for the earlier years under the Surtax Act and the Super Profits Tax Act and had relied on the arguments advanced before the Tribunal for those years. The case of the Revenue is that the judgment of this High Court given in the earlier year was under the Super Profits Tax Act, 1963. The present cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of any item under the heading " Current Liabilities and Provisions " in the column relating to liabilities in the form of balance-sheet given in Part I of Sch. VI to the Companies Act, 1956, shall not be regarded as a reserve for the purpose of computation of capital of a company. The amount in question in this case has been clearly designated in the balance-sheet as " Reserve for taxation ". Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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