https://www.taxtmi.com/caselaws?id=23699 Capital under the Second Schedule to the Companies (Profits) Surtax Act could not be reduced merely because deductions had been allowed under sections 80M, 80J and 80-O while computing income-tax, and the assessee succeeded on that point. An excess provision under the head "tax equalisation reserve" was treated as a reserve because amounts set apart beyond what was reasonably necessary to meet a known or existing liability are includible in capital, so that amount was also included in the assessee's favour. For "reserve for doubtful debts and advances", the factual basis was incomplete, so the issue was remitted for fresh consideration under the governing Supreme Court principles. en-us Mon, 10 Apr 1989 00:00:00 +0530 Wed, 23 Dec 2009 15:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23699 Capital under the Second Schedule to the Companies (Profits) Surtax Act could not be reduced merely because deductions had been allowed under sections 80M, 80J and 80-O while computing income-tax, and the assessee succeeded on that point. An excess provision under the head "tax equalisation reserve" was treated as a reserve because amounts set apart beyond what was reasonably necessary to meet a known or existing liability are includible in capital, so that amount was also included in the assessee's favour. For "reserve for doubtful debts and advances", the factual basis was incomplete, so the issue was remitted for fresh consideration under the governing Supreme Court principles. Case-Laws Income Tax Mon, 10 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23699