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of <h1>Supreme Court Clarifies Reserve Additions for Surtax Act: Effective from First Day of Previous Year per Second Schedule.</h1> The circular addresses the treatment of proposed additions to reserves for computing a company's capital as per the Second Schedule. It references a Supreme Court decision affirming that appropriations to reserves, even if made after the first day of the following year, should be considered effective from the first day of the relevant previous year. This decision aligns with the Bombay High Court's ruling and overrules the Madras High Court's stance. Consequently, such additions, once approved at the annual general meeting, must be treated as reserves from the first day of the following year for Surtax Act purposes. The Board advises withdrawing related departmental references and conceding pending appeals.
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