https://www.taxtmi.com/caselaws?id=23787 The court ruled in favor of the assessee on both issues. Regarding the first issue, the court held that the amount of dividend recommended by the directors out of the general reserve after the first day of the accounting year should not be excluded from computing the capital. On the second issue, the court determined that the general reserve should not be reduced by the value of bonus shares issued after the first day of the previous year. As a result, both questions were resolved in favor of the assessee, with no costs awarded in the case. en-us Tue, 12 Sep 1989 00:00:00 +0530 Thu, 14 Jan 2010 12:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23787 The court ruled in favor of the assessee on both issues. Regarding the first issue, the court held that the amount of dividend recommended by the directors out of the general reserve after the first day of the accounting year should not be excluded from computing the capital. On the second issue, the court determined that the general reserve should not be reduced by the value of bonus shares issued after the first day of the previous year. As a result, both questions were resolved in favor of the assessee, with no costs awarded in the case. Case-Laws Income Tax Tue, 12 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23787