https://www.taxtmi.com/caselaws?id=37296 For super profits tax, a declaration treating an assessee as a company under the repealed income-tax law continued under the saving provision of the later Act; no fresh declaration was required, so company status applied. A reserve is determined by the real character of an amount: profits consciously set apart and available for future use qualify, while sums earmarked for an existing liability do not. Retained earnings, unremitted foreign income and tax provisions without an existing demand formed part of the capital base. A dividend provision for dividends already declared represented an existing liability and was excluded from reserves. en-us Wed, 21 Feb 1979 00:00:00 +0530 Sat, 27 Mar 2010 18:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37296 For super profits tax, a declaration treating an assessee as a company under the repealed income-tax law continued under the saving provision of the later Act; no fresh declaration was required, so company status applied. A reserve is determined by the real character of an amount: profits consciously set apart and available for future use qualify, while sums earmarked for an existing liability do not. Retained earnings, unremitted foreign income and tax provisions without an existing demand formed part of the capital base. A dividend provision for dividends already declared represented an existing liability and was excluded from reserves. Case-Laws Income Tax Wed, 21 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37296