https://www.taxtmi.com/caselaws?id=35902 Rectification of a surtax assessment is permissible where the assessee's revised returns and balance-sheet reveal an apparent omission or incorrect statement without requiring elaborate reasoning. The difference between depreciation recorded in the books and depreciation allowed under income-tax law does not constitute a reserve unless an amount is actually set apart from ascertained profits and disclosed as a reserve in the accounts. Further, depreciation allowed in the income-tax assessment must be deducted to the extent attributable to any qualifying reserve. The depreciation difference therefore cannot increase capital for surtax purposes. en-us Thu, 11 Oct 1979 00:00:00 +0530 Wed, 17 Mar 2010 17:11:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35902 Rectification of a surtax assessment is permissible where the assessee's revised returns and balance-sheet reveal an apparent omission or incorrect statement without requiring elaborate reasoning. The difference between depreciation recorded in the books and depreciation allowed under income-tax law does not constitute a reserve unless an amount is actually set apart from ascertained profits and disclosed as a reserve in the accounts. Further, depreciation allowed in the income-tax assessment must be deducted to the extent attributable to any qualifying reserve. The depreciation difference therefore cannot increase capital for surtax purposes. Case-Laws Income Tax Thu, 11 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35902