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<h1>Interpretation of Reserves vs. Provisions for Taxation and Gratuity</h1> The High Court of Bombay held that provisions for taxation and gratuity can be treated as reserves only if they surpass actual liabilities, while ... Reserves, Super Profits Tax The High Court of Bombay ruled that provisions for taxation and gratuity can be considered reserves only if they exceed actual liabilities. The provision for dividend and bonus cannot be treated as reserves. The Tribunal is directed to determine the excess of the provision over liabilities for taxation and gratuity. No costs were awarded. (Case citation: 1988 (11) TMI 102 - BOMBAY High Court)
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