https://www.taxtmi.com/caselaws?id=27768 Capital redemption reserve was treated as a reserve, not a provision, because it was earmarked for future specified use and not set apart to meet a known liability; it was therefore includible in capital employed under rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964. Provision for taxation was also treated as a fund within rule 2(ii) of the Second Schedule, following settled binding authority on the point. The result was that both amounts were included in the capital computation under the surtax regime in favour of the assessee. en-us Tue, 07 Aug 1984 00:00:00 +0530 Tue, 25 Jul 2017 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27768 Capital redemption reserve was treated as a reserve, not a provision, because it was earmarked for future specified use and not set apart to meet a known liability; it was therefore includible in capital employed under rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964. Provision for taxation was also treated as a fund within rule 2(ii) of the Second Schedule, following settled binding authority on the point. The result was that both amounts were included in the capital computation under the surtax regime in favour of the assessee. Case-Laws Income Tax Tue, 07 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27768