https://www.taxtmi.com/caselaws?id=22978 Dividend paid out of general reserve was treated, on the authority of Vazir Sultan Tobacco Co. Ltd. v. CIT, as relevant to capital computation for surtax purposes, and the question was answered against the assessee. Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 was held, following CIT v. Century Spg. and Mfg. Co. Ltd., not to require the reduction in capital suggested by the Revenue, and that question was answered in favour of the assessee. The reference was disposed of by applying binding precedent on both issues. en-us Wed, 27 Sep 1989 00:00:00 +0530 Tue, 15 Dec 2009 16:43:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22978 Dividend paid out of general reserve was treated, on the authority of Vazir Sultan Tobacco Co. Ltd. v. CIT, as relevant to capital computation for surtax purposes, and the question was answered against the assessee. Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 was held, following CIT v. Century Spg. and Mfg. Co. Ltd., not to require the reduction in capital suggested by the Revenue, and that question was answered in favour of the assessee. The reference was disposed of by applying binding precedent on both issues. Case-Laws Income Tax Wed, 27 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22978