https://www.taxtmi.com/caselaws?id=22198 For surtax capital computation under rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, declared dividend must be adjusted against general reserve, following Vazir Sultan Tobacco; the point was decided for the Revenue. A debenture redemption reserve is not includible as capital because it is not a reserve for this purpose, and the court distinguished preference share redemption cases; this too was decided for the Revenue. A gratuity reserve is likewise not generally includible, but on remand the Tribunal must examine whether any amount exceeds the actual actuarial gratuity liability, in which event only that excess may be treated as reserve. en-us Wed, 03 Apr 1991 00:00:00 +0530 Tue, 08 Dec 2009 10:41:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22198 For surtax capital computation under rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, declared dividend must be adjusted against general reserve, following Vazir Sultan Tobacco; the point was decided for the Revenue. A debenture redemption reserve is not includible as capital because it is not a reserve for this purpose, and the court distinguished preference share redemption cases; this too was decided for the Revenue. A gratuity reserve is likewise not generally includible, but on remand the Tribunal must examine whether any amount exceeds the actual actuarial gratuity liability, in which event only that excess may be treated as reserve. Case-Laws Income Tax Wed, 03 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22198