https://www.taxtmi.com/caselaws?id=35897 For capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, a reserve created by a valid board appropriation may relate back to the relevant accounting year, so the transfer of Rs. 8,00,000 was treated as reserve. A later transfer of Rs. 3,00,000 made after the balance-sheet date was not part of the reserve on the crucial date and was excluded. A pure legal ground on treatment of provision for taxation and dividends could be raised for the first time before the Tribunal, and the amounts provided for taxation and dividends were held to be provisions, not reserves, for capital computation. en-us Tue, 24 Jul 1979 00:00:00 +0530 Wed, 17 Mar 2010 16:56:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35897 For capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, a reserve created by a valid board appropriation may relate back to the relevant accounting year, so the transfer of Rs. 8,00,000 was treated as reserve. A later transfer of Rs. 3,00,000 made after the balance-sheet date was not part of the reserve on the crucial date and was excluded. A pure legal ground on treatment of provision for taxation and dividends could be raised for the first time before the Tribunal, and the amounts provided for taxation and dividends were held to be provisions, not reserves, for capital computation. Case-Laws Income Tax Tue, 24 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35897