https://www.taxtmi.com/caselaws?id=19897 Amounts set aside for estimated bad and doubtful debts are treated as provisions, not free reserves, and are therefore excluded from capital computation for surtax liability unless they are shown to be available as reserve capital. A further sum created against specific liabilities for expenses retained its character as a provision because the underlying liabilities had not ceased; describing it as an excess provision did not convert it into a reserve. The surtax computation was upheld on that basis. en-us Wed, 19 Jan 1994 00:00:00 +0530 Tue, 10 Nov 2009 14:05:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19897 Amounts set aside for estimated bad and doubtful debts are treated as provisions, not free reserves, and are therefore excluded from capital computation for surtax liability unless they are shown to be available as reserve capital. A further sum created against specific liabilities for expenses retained its character as a provision because the underlying liabilities had not ceased; describing it as an excess provision did not convert it into a reserve. The surtax computation was upheld on that basis. Case-Laws Income Tax Wed, 19 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19897