https://www.taxtmi.com/caselaws?id=69753 Binding High Court decisions on surtax capital computation were followed: reserve for bad and doubtful debts was treated as part of capital, Rule 4 of the Second Schedule was not applied to defeat deductions linked to Chapter VI-A claims, and proposed dividends out of general reserve were deducted from capital. Reassessment under Section 8(b) was upheld because the audit note merely pointed out a statutory position and did not, on the facts, show an impermissible change of opinion. The Revenue's grounds and the assessee's cross-objections were dismissed. en-us Thu, 17 Apr 1980 00:00:00 +0530 Mon, 11 Apr 2011 18:42:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69753 Binding High Court decisions on surtax capital computation were followed: reserve for bad and doubtful debts was treated as part of capital, Rule 4 of the Second Schedule was not applied to defeat deductions linked to Chapter VI-A claims, and proposed dividends out of general reserve were deducted from capital. Reassessment under Section 8(b) was upheld because the audit note merely pointed out a statutory position and did not, on the facts, show an impermissible change of opinion. The Revenue's grounds and the assessee's cross-objections were dismissed. Case-Laws Income Tax Thu, 17 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69753