https://www.taxtmi.com/caselaws?id=27703 For surtax capital computation, rule 4 of the Second Schedule was treated as already settled in favour of the assessee, so the Revenue's contrary contention failed. The court also held that a development rebate reserve written back to the profit and loss appropriation account did not become part of the general reserve merely because later reserve allocations were made independently; on that basis, it was not excluded from the capital base as an "other reserve" under rule 1(iii). However, amounts actually drawn from the general reserve for dividend payments had to be reduced while computing capital. en-us Thu, 14 Jun 1984 00:00:00 +0530 Mon, 15 Feb 2010 15:15:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27703 For surtax capital computation, rule 4 of the Second Schedule was treated as already settled in favour of the assessee, so the Revenue's contrary contention failed. The court also held that a development rebate reserve written back to the profit and loss appropriation account did not become part of the general reserve merely because later reserve allocations were made independently; on that basis, it was not excluded from the capital base as an "other reserve" under rule 1(iii). However, amounts actually drawn from the general reserve for dividend payments had to be reduced while computing capital. Case-Laws Income Tax Thu, 14 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27703