https://www.taxtmi.com/caselaws?id=25808 For surtax capital-base computation, a debenture redemption reserve created out of appropriated profits, not invested outside the business and not tied to a liability arising in the relevant accounting year, is treated as a reserve rather than a sinking fund or provision, so it is not excluded under the Second Schedule to the Companies (Profits) Surtax Act, 1964. The text also notes that the capital base could not be reduced proportionately by reference to deductions allowed under section 80J of the Income-tax Act, 1961, following the court's earlier view on that point. en-us Fri, 18 Jul 1986 00:00:00 +0530 Mon, 01 Feb 2010 10:39:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25808 For surtax capital-base computation, a debenture redemption reserve created out of appropriated profits, not invested outside the business and not tied to a liability arising in the relevant accounting year, is treated as a reserve rather than a sinking fund or provision, so it is not excluded under the Second Schedule to the Companies (Profits) Surtax Act, 1964. The text also notes that the capital base could not be reduced proportionately by reference to deductions allowed under section 80J of the Income-tax Act, 1961, following the court's earlier view on that point. Case-Laws Income Tax Fri, 18 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25808