https://www.taxtmi.com/caselaws?id=20392 Surtax capital computation under the Companies (Profits) Surtax Act, 1964 turned on whether items were reserves or provisions and whether the assessment was made within a reasonable time. The court treated the surtax assessment as timely because no express limitation applied and it followed the income-tax assessment shortly after. Amounts in a foreign taxation reserve, excess provision for taxation, general reserve, reserve for doubtful debts, and contingency reserve were held includible as reserves where no existing and known liability was shown; a later dividend did not require reduction of the general reserve. Surplus in the profit and loss appropriation account and related taxation provision could also be adjusted under rule 2(ii) to the extent not treated as reserve. en-us Mon, 19 Oct 1992 00:00:00 +0530 Fri, 13 Nov 2009 16:28:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20392 Surtax capital computation under the Companies (Profits) Surtax Act, 1964 turned on whether items were reserves or provisions and whether the assessment was made within a reasonable time. The court treated the surtax assessment as timely because no express limitation applied and it followed the income-tax assessment shortly after. Amounts in a foreign taxation reserve, excess provision for taxation, general reserve, reserve for doubtful debts, and contingency reserve were held includible as reserves where no existing and known liability was shown; a later dividend did not require reduction of the general reserve. Surplus in the profit and loss appropriation account and related taxation provision could also be adjusted under rule 2(ii) to the extent not treated as reserve. Case-Laws Income Tax Mon, 19 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20392