https://www.taxtmi.com/caselaws?id=27188 Amounts transferred to a contingency reserve were treated as reserves for surtax purposes because they were not referable to any real and existing liability. On that basis, the sum standing in the contingency reserve was deductible from chargeable profits and was to be taken into account as reserve on the first day of the previous year for computing capital under the Companies (Profits) Surtax Act, 1964. The treatment was consistent with the earlier view taken for similar reserves in the assessee's past assessment years. en-us Wed, 09 May 1984 00:00:00 +0530 Thu, 11 Feb 2010 13:05:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27188 Amounts transferred to a contingency reserve were treated as reserves for surtax purposes because they were not referable to any real and existing liability. On that basis, the sum standing in the contingency reserve was deductible from chargeable profits and was to be taken into account as reserve on the first day of the previous year for computing capital under the Companies (Profits) Surtax Act, 1964. The treatment was consistent with the earlier view taken for similar reserves in the assessee's past assessment years. Case-Laws Income Tax Wed, 09 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27188