https://www.taxtmi.com/caselaws?id=285451 A carried-forward profit and loss balance is not a reserve for capital computation under Rule 2(1) of Schedule II to the Business Profits Tax Act unless it has been consciously and specifically appropriated as reserve by the competent authority on the first day of the chargeable accounting period; an unallocated surplus brought forward from earlier years retains its character as surplus and not reserve. Advance tax paid under Section 18A of the Income-tax Act, 1922 could not be finally characterised on the existing record because the factual basis before the appellate authorities was inconsistent, so the matter required a further statement of case for clarification. en-us Thu, 19 Aug 1954 00:00:00 +0530 Mon, 13 Jan 2020 11:10:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285451 A carried-forward profit and loss balance is not a reserve for capital computation under Rule 2(1) of Schedule II to the Business Profits Tax Act unless it has been consciously and specifically appropriated as reserve by the competent authority on the first day of the chargeable accounting period; an unallocated surplus brought forward from earlier years retains its character as surplus and not reserve. Advance tax paid under Section 18A of the Income-tax Act, 1922 could not be finally characterised on the existing record because the factual basis before the appellate authorities was inconsistent, so the matter required a further statement of case for clarification. Case-Laws Income Tax Thu, 19 Aug 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285451