https://www.taxtmi.com/caselaws?id=29379 An amount expressly shown in the balance-sheet as "reserve for taxation" was treated as a reserve under Rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 and therefore includible in capital for surtax computation. The amount was not a mere mass of undistributed profits, and it did not fall within the exclusionary categories in the Explanation to Rule 1. The contention that it represented tax liability on accrued income was rejected, as the assessee followed the completed contract basis and the point had already been concluded in the assessee's own case. en-us Tue, 01 Dec 1981 00:00:00 +0530 Fri, 12 Mar 2010 15:04:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29379 An amount expressly shown in the balance-sheet as "reserve for taxation" was treated as a reserve under Rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 and therefore includible in capital for surtax computation. The amount was not a mere mass of undistributed profits, and it did not fall within the exclusionary categories in the Explanation to Rule 1. The contention that it represented tax liability on accrued income was rejected, as the assessee followed the completed contract basis and the point had already been concluded in the assessee's own case. Case-Laws Income Tax Tue, 01 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29379