https://www.taxtmi.com/caselaws?id=27454 Reassessment under the Super Profits Tax Act and Companies (Profits) Surtax Act is valid where it rests on later-acquired information showing income or chargeable profits had escaped assessment, and not on a mere change of opinion; the reassessments for 1963-64 and 1964-65 were upheld. For capital computation under the Second Schedule, premium deposits and unearned premium in an insurance business are not reserves and cannot be included. Provision for taxation, amounts set apart for proposed dividends, and provision for outstanding claims also do not qualify as fund, surplus or reserve under rule 2(ii), and were excluded from capital. en-us Tue, 26 Aug 1980 00:00:00 +0530 Sat, 13 Feb 2010 10:00:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27454 Reassessment under the Super Profits Tax Act and Companies (Profits) Surtax Act is valid where it rests on later-acquired information showing income or chargeable profits had escaped assessment, and not on a mere change of opinion; the reassessments for 1963-64 and 1964-65 were upheld. For capital computation under the Second Schedule, premium deposits and unearned premium in an insurance business are not reserves and cannot be included. Provision for taxation, amounts set apart for proposed dividends, and provision for outstanding claims also do not qualify as fund, surplus or reserve under rule 2(ii), and were excluded from capital. Case-Laws Income Tax Tue, 26 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27454