https://www.taxtmi.com/caselaws?id=99805 For capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963, a reserve created by the board of directors under the company articles could relate back to the relevant accounting date and be treated as reserve from that date; the later transfer of Rs. 8,00,000 was therefore recognised, while the later transfer of Rs. 3,00,000, made after the balance-sheet date and finalisation of accounts, was not. The Tribunal could also admit a new ground in appeal where it affected tax liability computation and was supported by precedent. Provision for taxation and provision for dividends were treated as provisions, not reserves, and were excluded from capital computation. en-us Tue, 24 Jul 1979 00:00:00 +0530 Mon, 30 Jan 2012 12:02:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99805 For capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963, a reserve created by the board of directors under the company articles could relate back to the relevant accounting date and be treated as reserve from that date; the later transfer of Rs. 8,00,000 was therefore recognised, while the later transfer of Rs. 3,00,000, made after the balance-sheet date and finalisation of accounts, was not. The Tribunal could also admit a new ground in appeal where it affected tax liability computation and was supported by precedent. Provision for taxation and provision for dividends were treated as provisions, not reserves, and were excluded from capital computation. Case-Laws Companies Law Tue, 24 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99805