https://www.taxtmi.com/caselaws?id=23171 An excess provision for taxation was treated as a reserve for capital computation under the Surtax Act because substance, not label, governs its character, and the amount of Rs. 2,37,085 was included in the capital base. Deductions under sections 80G, 80K and 80M of the Income-tax Act were not required to reduce capital proportionately under rule 4 of the Second Schedule, so the Revenue's objection failed. The amount of Rs. 9 lakhs transferred to the reserve fund under Reserve Bank direction was not deductible in computing chargeable profits, the court following its earlier decision and answering that issue against the assessee. en-us Wed, 07 Nov 1984 00:00:00 +0530 Thu, 17 Dec 2009 12:04:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23171 An excess provision for taxation was treated as a reserve for capital computation under the Surtax Act because substance, not label, governs its character, and the amount of Rs. 2,37,085 was included in the capital base. Deductions under sections 80G, 80K and 80M of the Income-tax Act were not required to reduce capital proportionately under rule 4 of the Second Schedule, so the Revenue's objection failed. The amount of Rs. 9 lakhs transferred to the reserve fund under Reserve Bank direction was not deductible in computing chargeable profits, the court following its earlier decision and answering that issue against the assessee. Case-Laws Income Tax Wed, 07 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23171