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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Officers to Review Capital Base Reserves per Rule 1A, Finance Act 1976; Results Due July 31, 1976.</h1> Income-tax Officers are instructed to scrutinize each reserve item before including them in the capital base, as per the Board's directive. The Finance Act, 1976, introduced rule 1A to the Companies (Profits) Surtax Act, 1964, effective retrospectively from April 1, 1975. This rule mandates that if a company hasn't credited certain liabilities or provisions, or if the credited amount is insufficient, the capital base must be reduced accordingly. Officers are empowered to ensure adequate provisions for taxation and dividends in balance sheets. A review of assessments for 1975-76 is required, with results due by July 31, 1976.
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