https://www.taxtmi.com/caselaws?id=66602 An excess provision for income-tax, to the extent it exceeded the actual liability, was treated as a reserve on the basis of substance over accounting label and followed the earlier appellate treatment. On that footing, it fell within rule 1(xi)(b) of the First Schedule to the Companies (Profits) Surtax Act, 1964, so it was deductible from chargeable profits. For the same reason, and consistently with the treatment of reserves under the Second Schedule, it was also includible in capital computation under rule 1(ii). The absence of an express provision specifically referring to excess tax provision did not alter the result. en-us Tue, 22 Oct 1985 00:00:00 +0530 Wed, 25 Jan 2012 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66602 An excess provision for income-tax, to the extent it exceeded the actual liability, was treated as a reserve on the basis of substance over accounting label and followed the earlier appellate treatment. On that footing, it fell within rule 1(xi)(b) of the First Schedule to the Companies (Profits) Surtax Act, 1964, so it was deductible from chargeable profits. For the same reason, and consistently with the treatment of reserves under the Second Schedule, it was also includible in capital computation under rule 1(ii). The absence of an express provision specifically referring to excess tax provision did not alter the result. Case-Laws Income Tax Tue, 22 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66602