https://www.taxtmi.com/caselaws?id=23172 Amounts set apart ad hoc for future contingencies, without any known or existing liability, were treated as other reserves rather than provisions, so they were includible in capital under the Second Schedule to the Companies (Profits) Surtax Act, 1964, and the assessee succeeded on that issue. In computing chargeable profits, the court treated the amendment introducing the Explanation to the First Schedule as declaratory of the pre-existing law, so deduction was confined to the dividend amount actually included in total income, not the gross dividend received, and the Revenue succeeded on that issue. The reference was thus answered in part for each side. en-us Wed, 17 Feb 1988 00:00:00 +0530 Thu, 17 Dec 2009 12:05:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23172 Amounts set apart ad hoc for future contingencies, without any known or existing liability, were treated as other reserves rather than provisions, so they were includible in capital under the Second Schedule to the Companies (Profits) Surtax Act, 1964, and the assessee succeeded on that issue. In computing chargeable profits, the court treated the amendment introducing the Explanation to the First Schedule as declaratory of the pre-existing law, so deduction was confined to the dividend amount actually included in total income, not the gross dividend received, and the Revenue succeeded on that issue. The reference was thus answered in part for each side. Case-Laws Income Tax Wed, 17 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23172