https://www.taxtmi.com/caselaws?id=35980 Excess depreciation retained out of profits, and not created by revaluation or another book-asset adjustment, was treated as a reserve for capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963. Applying a substance-over-form test, the HC held that the amount was kept apart as accumulated surplus for future use and was not a mere provision for depreciation or a specific liability within Explanation 1. It was therefore includible in capital computation. en-us Tue, 02 Sep 1980 00:00:00 +0530 Thu, 18 Mar 2010 12:38:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35980 Excess depreciation retained out of profits, and not created by revaluation or another book-asset adjustment, was treated as a reserve for capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963. Applying a substance-over-form test, the HC held that the amount was kept apart as accumulated surplus for future use and was not a mere provision for depreciation or a specific liability within Explanation 1. It was therefore includible in capital computation. Case-Laws Income Tax Tue, 02 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35980