https://www.taxtmi.com/caselaws?id=24073 Income exempt under section 80-I was includible in the capital base for surtax computation, and no basis was found to exclude it; the issue was answered in favour of the assessee. A capital reserve created by entering in the books the value of land received free of cost did not attract Explanation I to rule 2 of the Second Schedule, because the entry merely reflected the true value of an existing asset and corrected the accounts rather than creating or inflating a book asset by revaluation. Both questions were decided against the Revenue. en-us Wed, 15 Mar 1989 00:00:00 +0530 Sat, 16 Jan 2010 15:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24073 Income exempt under section 80-I was includible in the capital base for surtax computation, and no basis was found to exclude it; the issue was answered in favour of the assessee. A capital reserve created by entering in the books the value of land received free of cost did not attract Explanation I to rule 2 of the Second Schedule, because the entry merely reflected the true value of an existing asset and corrected the accounts rather than creating or inflating a book asset by revaluation. Both questions were decided against the Revenue. Case-Laws Income Tax Wed, 15 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24073