https://www.taxtmi.com/caselaws?id=19629 Excess depreciation allowed in income-tax assessments, where it exceeds the depreciation provided in the books, was held not includible in reserves for capital computation under the Companies (Profits) Surtax Act, 1964. The claimed dividend adjustment also failed because no factual material showed that proper depreciation would have reduced distributable profits or that dividends were paid out of capital rather than profits. The capital computation made by the authorities was therefore upheld, with both issues decided in favour of the Revenue. en-us Tue, 25 Jan 1994 00:00:00 +0530 Sat, 07 Nov 2009 15:44:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19629 Excess depreciation allowed in income-tax assessments, where it exceeds the depreciation provided in the books, was held not includible in reserves for capital computation under the Companies (Profits) Surtax Act, 1964. The claimed dividend adjustment also failed because no factual material showed that proper depreciation would have reduced distributable profits or that dividends were paid out of capital rather than profits. The capital computation made by the authorities was therefore upheld, with both issues decided in favour of the Revenue. Case-Laws Income Tax Tue, 25 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19629