https://www.taxtmi.com/caselaws?id=12811 The Punjab and Haryana High Court held that the Revenue's question on whether a sum treated as a general reserve falls within the exceptions in the Explanation to rule 1 of the Second Schedule raised a referable question of law under section 256(2) of the Income-tax Act. After examining the Tribunal's reliance on CIT v. Elgin Mills Ltd., the Court found that the controversy warranted its opinion and directed the Tribunal to refer the specified question, along with the statement of case and records. The substantive characterisation of the amount and the surtax consequence were left open for determination on reference. en-us Fri, 24 Nov 2000 00:00:00 +0530 Fri, 22 May 2009 11:28:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12811 The Punjab and Haryana High Court held that the Revenue's question on whether a sum treated as a general reserve falls within the exceptions in the Explanation to rule 1 of the Second Schedule raised a referable question of law under section 256(2) of the Income-tax Act. After examining the Tribunal's reliance on CIT v. Elgin Mills Ltd., the Court found that the controversy warranted its opinion and directed the Tribunal to refer the specified question, along with the statement of case and records. The substantive characterisation of the amount and the surtax consequence were left open for determination on reference. Case-Laws Income Tax Fri, 24 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12811