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<h1>High Court decision excludes dividend and gratuity reserves from capital computation, following Supreme Court precedent.</h1> The High Court of Bombay held that dividend reserve and gratuity reserve should not be considered in capital computation for the assessment year 1967-68, ... Company, Gratuity Reserve, Reserves, Surtax The High Court of Bombay ruled that the dividend reserve and gratuity reserve should not be included in the computation of capital for the assessment year 1967-68. The decision was based on the judgment of the Supreme Court in Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559. The Tribunal was directed to determine if the appropriation towards gratuity reserve exceeded the actual liability of the assessee. If so, the excess amount should be deemed as reserve for computation under the Companies (Profits) Surtax Act, 1964. No costs were awarded.
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