https://www.taxtmi.com/caselaws?id=37031 A mistake is apparent from the record where the surtax computation is arithmetically wrong on a proper reading of the governing rules, but not where the issue remains debatable. In computing capital base under the Companies (Profits) Surtax Act, the capital account must be viewed as a whole, including corresponding reductions in reserves when bonus shares are issued; on that basis, inclusion of the reserve-capitalised amount was rightly rectified in favour of the Revenue. The proposed reduction of capital base for amounts deducted under section 80E of the Income-tax Act was not finally decided on merits and was left open, as the issue had become largely academic. en-us Tue, 05 Dec 1978 00:00:00 +0530 Fri, 26 Mar 2010 10:51:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37031 A mistake is apparent from the record where the surtax computation is arithmetically wrong on a proper reading of the governing rules, but not where the issue remains debatable. In computing capital base under the Companies (Profits) Surtax Act, the capital account must be viewed as a whole, including corresponding reductions in reserves when bonus shares are issued; on that basis, inclusion of the reserve-capitalised amount was rightly rectified in favour of the Revenue. The proposed reduction of capital base for amounts deducted under section 80E of the Income-tax Act was not finally decided on merits and was left open, as the issue had become largely academic. Case-Laws Income Tax Tue, 05 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37031