https://www.taxtmi.com/caselaws?id=16963 For surtax capital computation, reserves for bad and doubtful debts and the balance in Pakistan were treated as part of capital because they retained the character of reserves rather than loan liabilities. Dividends declared after the opening day of the accounting period were deducted from the general reserve, as dividend approval was treated as relating back to the first day of the accounting year. Relief allowed under Chapter VI-A did not, by itself, require a proportionate reduction of capital under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964. en-us Wed, 29 Jan 1997 00:00:00 +0530 Mon, 14 Sep 2009 12:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16963 For surtax capital computation, reserves for bad and doubtful debts and the balance in Pakistan were treated as part of capital because they retained the character of reserves rather than loan liabilities. Dividends declared after the opening day of the accounting period were deducted from the general reserve, as dividend approval was treated as relating back to the first day of the accounting year. Relief allowed under Chapter VI-A did not, by itself, require a proportionate reduction of capital under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964. Case-Laws Income Tax Wed, 29 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16963