https://www.taxtmi.com/caselaws?id=24540 Amounts appropriated to general reserves, including reserves created out of profits eligible for relief under section 80J, were treated as part of the company's capital for computation under rule 1(iii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964. The court noted that such amounts were appropriations out of profits and, as reserves standing in the balance-sheet on the relevant date, remained includible in capital computation. The fact that the underlying profits had qualified for section 80J deduction did not justify excluding the reserves or reducing capital on that basis. The reference was answered in favour of the assessee. en-us Wed, 28 Sep 1988 00:00:00 +0530 Wed, 20 Jan 2010 17:39:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24540 Amounts appropriated to general reserves, including reserves created out of profits eligible for relief under section 80J, were treated as part of the company's capital for computation under rule 1(iii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964. The court noted that such amounts were appropriations out of profits and, as reserves standing in the balance-sheet on the relevant date, remained includible in capital computation. The fact that the underlying profits had qualified for section 80J deduction did not justify excluding the reserves or reducing capital on that basis. The reference was answered in favour of the assessee. Case-Laws Income Tax Wed, 28 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24540