https://www.taxtmi.com/caselaws?id=28765 Amounts set aside for price stabilisation reserve, bad and doubtful debts, and excess provision for taxation were treated as provisions, not deductible reserves, because sums earmarked to meet known liabilities or anticipated losses are charged against profits rather than retained as capital employed. The factual basis for classifying the items as reserves was not established before the tax authorities, and the revisional authority acted within jurisdiction under the surtax statute. In writ jurisdiction, the court declined to reappraise disputed facts or interfere merely because another classification was possible, and certiorari was refused. en-us Wed, 29 Sep 1982 00:00:00 +0530 Thu, 25 Feb 2010 15:24:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28765 Amounts set aside for price stabilisation reserve, bad and doubtful debts, and excess provision for taxation were treated as provisions, not deductible reserves, because sums earmarked to meet known liabilities or anticipated losses are charged against profits rather than retained as capital employed. The factual basis for classifying the items as reserves was not established before the tax authorities, and the revisional authority acted within jurisdiction under the surtax statute. In writ jurisdiction, the court declined to reappraise disputed facts or interfere merely because another classification was possible, and certiorari was refused. Case-Laws Income Tax Wed, 29 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28765