https://www.taxtmi.com/caselaws?id=69742 An amount appropriated out of profits, approved by the general body and disclosed in the balance-sheet as a reserve, is treated as a reserve rather than a provision for surtax capital-base purposes, so dividend equalisation reserve was includible in capital base. Appropriations added to general reserves after 31 March 1967 were not finally decided because the validity and effect of later approvals required fresh examination. The proposed dividend transferred to general reserve for assessment year 1972-73 also depended on the validity of the appropriation and was likewise remitted for reconsideration. The assessee succeeded only on the dividend equalisation reserve issue, with the remaining reserve questions sent back for determination in accordance with law. en-us Thu, 17 Apr 1980 00:00:00 +0530 Mon, 11 Apr 2011 18:21:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69742 An amount appropriated out of profits, approved by the general body and disclosed in the balance-sheet as a reserve, is treated as a reserve rather than a provision for surtax capital-base purposes, so dividend equalisation reserve was includible in capital base. Appropriations added to general reserves after 31 March 1967 were not finally decided because the validity and effect of later approvals required fresh examination. The proposed dividend transferred to general reserve for assessment year 1972-73 also depended on the validity of the appropriation and was likewise remitted for reconsideration. The assessee succeeded only on the dividend equalisation reserve issue, with the remaining reserve questions sent back for determination in accordance with law. Case-Laws Income Tax Thu, 17 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69742