https://www.taxtmi.com/caselaws?id=22441 A depreciation reserve transferred to a general reserve was examined for inclusion in the capital computation base under rule 1(iii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964. The Court noted that the amount represented depreciation actually allowed, though not originally debited in the books, and had been carried in reserve after a change from the straight line method to the written down value method. It further noted that the Tribunal's reliance on an earlier decision was misplaced because that decision had already been reversed, and held that the amount could not be included in the capital computation base. en-us Tue, 26 Feb 1991 00:00:00 +0530 Thu, 10 Dec 2009 11:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22441 A depreciation reserve transferred to a general reserve was examined for inclusion in the capital computation base under rule 1(iii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964. The Court noted that the amount represented depreciation actually allowed, though not originally debited in the books, and had been carried in reserve after a change from the straight line method to the written down value method. It further noted that the Tribunal's reliance on an earlier decision was misplaced because that decision had already been reversed, and held that the amount could not be included in the capital computation base. Case-Laws Income Tax Tue, 26 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22441