https://www.taxtmi.com/caselaws?id=184190 A depreciation reserve created year by year out of profits remained part of a company's accumulated profits for distribution to shareholders under section 2(6A) of the Indian Income-tax Act unless it had been capitalised or otherwise ceased to be available as profit. A sum set apart in the accounts as a depreciation fund was not excluded merely because it was earmarked for future depreciation or repair needs, and a different accounting method could not change the legal effect of what the company had actually done. The reserve was therefore includible in accumulated profits, and its exclusion was incorrect. en-us Thu, 01 Feb 1962 00:00:00 +0530 Fri, 01 Jul 2016 17:28:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184190 A depreciation reserve created year by year out of profits remained part of a company's accumulated profits for distribution to shareholders under section 2(6A) of the Indian Income-tax Act unless it had been capitalised or otherwise ceased to be available as profit. A sum set apart in the accounts as a depreciation fund was not excluded merely because it was earmarked for future depreciation or repair needs, and a different accounting method could not change the legal effect of what the company had actually done. The reserve was therefore includible in accumulated profits, and its exclusion was incorrect. Case-Laws Income Tax Thu, 01 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184190