https://www.taxtmi.com/caselaws?id=349266 For computing capital under the Companies (Profits) Surtax Act, 1964, Rule 1(iii) of the Second Schedule requires other reserves to be reduced by amounts credited to reserves in respect of depreciation allowed under the Income-tax Act. The court held that the rule must be applied on its plain terms and does not permit any further adjustment based on later depletion of the reserve through dividend distribution. The earlier binding interpretation of the same rule was followed, and no implied exception was read into the statutory formula. en-us Fri, 29 Sep 2017 00:00:00 +0530 Tue, 10 Oct 2017 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349266 For computing capital under the Companies (Profits) Surtax Act, 1964, Rule 1(iii) of the Second Schedule requires other reserves to be reduced by amounts credited to reserves in respect of depreciation allowed under the Income-tax Act. The court held that the rule must be applied on its plain terms and does not permit any further adjustment based on later depletion of the reserve through dividend distribution. The earlier binding interpretation of the same rule was followed, and no implied exception was read into the statutory formula. Case-Laws Income Tax Fri, 29 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349266