https://www.taxtmi.com/caselaws?id=36276 For capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, only amounts validly appropriated as reserves in the relevant accounting year can be included; Rs. 8 lakhs remained undistributed profits because the reserve transfer was made later and did not operate retrospectively. Amounts set apart as provision for taxation and provision for dividends were treated as provisions for known liabilities, not reserves, and were excluded from capital. Rule 11 of the Income-tax (Appellate Tribunal) Rules also permits the Tribunal to allow a fresh ground at the appellate stage if the other side has an opportunity of being heard. en-us Wed, 22 Nov 1978 00:00:00 +0530 Sat, 20 Mar 2010 13:39:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36276 For capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act, only amounts validly appropriated as reserves in the relevant accounting year can be included; Rs. 8 lakhs remained undistributed profits because the reserve transfer was made later and did not operate retrospectively. Amounts set apart as provision for taxation and provision for dividends were treated as provisions for known liabilities, not reserves, and were excluded from capital. Rule 11 of the Income-tax (Appellate Tribunal) Rules also permits the Tribunal to allow a fresh ground at the appellate stage if the other side has an opportunity of being heard. Case-Laws Income Tax Wed, 22 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36276