https://www.taxtmi.com/caselaws?id=23620 For surtax capital computation, a reserve created by revaluation of fixed assets is excluded because it arises from increasing a book asset by revaluation, so the asset replacement reserve was not includible. A debenture redemption fund was also excluded, since debentures are borrowed moneys and the statutory scheme did not treat them as part of capital for the relevant year. A staff retirement gratuity reserve was includible only to the extent it exceeded the actuarially determined liability, because the actuarial liability represents a present obligation and not a reserve. en-us Mon, 19 Sep 1983 00:00:00 +0530 Tue, 22 Dec 2009 16:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23620 For surtax capital computation, a reserve created by revaluation of fixed assets is excluded because it arises from increasing a book asset by revaluation, so the asset replacement reserve was not includible. A debenture redemption fund was also excluded, since debentures are borrowed moneys and the statutory scheme did not treat them as part of capital for the relevant year. A staff retirement gratuity reserve was includible only to the extent it exceeded the actuarially determined liability, because the actuarial liability represents a present obligation and not a reserve. Case-Laws Income Tax Mon, 19 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23620