https://www.taxtmi.com/caselaws?id=17698 A capital redemption reserve created in connection with redemption of preference shares is treated as a reserve, not a provision, and is includible in the capital base for surtax computation under Rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964. The analysis follows the statutory scheme and the character of a capital redemption reserve under the Companies Act, 1956, which support its inclusion in the company's reserves for capital base purposes. The amount standing to the credit of the preference share redemption reserve at the beginning of the accounting period was therefore includible in the capital base. en-us Wed, 03 Apr 1996 00:00:00 +0530 Thu, 24 Sep 2009 12:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17698 A capital redemption reserve created in connection with redemption of preference shares is treated as a reserve, not a provision, and is includible in the capital base for surtax computation under Rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964. The analysis follows the statutory scheme and the character of a capital redemption reserve under the Companies Act, 1956, which support its inclusion in the company's reserves for capital base purposes. The amount standing to the credit of the preference share redemption reserve at the beginning of the accounting period was therefore includible in the capital base. Case-Laws Income Tax Wed, 03 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17698