https://www.taxtmi.com/caselaws?id=26688 For surtax capital computation, the true commercial character of each appropriation governs: an amount set aside to meet a known or contingent liability is a provision, while a surplus appropriation not earmarked for such liability is a reserve. On that basis, contingency reserve and reserve for doubtful debts were treated as includible in capital. Super profits tax reserve, surtax reserve, retirement gratuity reserve and dividend tax reserve were includible only to the extent they exceeded the corresponding actual or estimated liabilities, with the balance excluded; the dividend tax reserve was limited to the excess, quantified at Rs. 8,076. The necessary computations were remitted for determination. en-us Mon, 02 Sep 1985 00:00:00 +0530 Sat, 06 Feb 2010 17:32:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26688 For surtax capital computation, the true commercial character of each appropriation governs: an amount set aside to meet a known or contingent liability is a provision, while a surplus appropriation not earmarked for such liability is a reserve. On that basis, contingency reserve and reserve for doubtful debts were treated as includible in capital. Super profits tax reserve, surtax reserve, retirement gratuity reserve and dividend tax reserve were includible only to the extent they exceeded the corresponding actual or estimated liabilities, with the balance excluded; the dividend tax reserve was limited to the excess, quantified at Rs. 8,076. The necessary computations were remitted for determination. Case-Laws Income Tax Mon, 02 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26688