https://www.taxtmi.com/caselaws?id=37308 For capital computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, the relevant reserve was the amount actually reflected after adjusting the preceding year's general reserve for the debit balance in the profit and loss account. The balance-sheet and accounts showed that the Rs. 80 lakhs reserve stood reduced on that adjustment, leaving an available reserve of Rs. 36,11,279. The absence of a corresponding further book entry did not change the true position disclosed by the accounts, so the lower figure alone was to be taken for capital computation and the assessee's contention failed. en-us Mon, 24 Jul 1978 00:00:00 +0530 Mon, 29 Mar 2010 10:24:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37308 For capital computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, the relevant reserve was the amount actually reflected after adjusting the preceding year's general reserve for the debit balance in the profit and loss account. The balance-sheet and accounts showed that the Rs. 80 lakhs reserve stood reduced on that adjustment, leaving an available reserve of Rs. 36,11,279. The absence of a corresponding further book entry did not change the true position disclosed by the accounts, so the lower figure alone was to be taken for capital computation and the assessee's contention failed. Case-Laws Income Tax Mon, 24 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37308