https://www.taxtmi.com/caselaws?id=332189 The High Court ruled in favor of the Revenue in a case involving the reduction of the General Reserve for capital computation and the inclusion of debentures issued to a society in the capital computation for surtax purposes. The Court held that only the amount transferred from profits to the general reserve should be considered for reduction, not the proposed dividend amount. Additionally, it determined that the debentures, which were redeemable at the company's option before seven years, should be included in the capital computation for surtax purposes. The Court disposed of the reference without costs, deciding against the Applicant in both issues. en-us Wed, 10 Aug 2016 00:00:00 +0530 Mon, 12 Sep 2016 19:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332189 The High Court ruled in favor of the Revenue in a case involving the reduction of the General Reserve for capital computation and the inclusion of debentures issued to a society in the capital computation for surtax purposes. The Court held that only the amount transferred from profits to the general reserve should be considered for reduction, not the proposed dividend amount. Additionally, it determined that the debentures, which were redeemable at the company's option before seven years, should be included in the capital computation for surtax purposes. The Court disposed of the reference without costs, deciding against the Applicant in both issues. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332189