https://www.taxtmi.com/caselaws?id=37511 A provision for income-tax earmarked to meet an accrued liability was treated as a provision and not a reserve under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963, so it was excluded from capital computation. The remaining unappropriated profits were also held to be undistributed profits, not a reserve, because they had not been specifically appropriated or set apart for any purpose. On that reasoning, both amounts were kept out of the capital base and the reference was answered for the revenue. en-us Mon, 12 Jun 1978 00:00:00 +0530 Tue, 30 Mar 2010 12:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37511 A provision for income-tax earmarked to meet an accrued liability was treated as a provision and not a reserve under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963, so it was excluded from capital computation. The remaining unappropriated profits were also held to be undistributed profits, not a reserve, because they had not been specifically appropriated or set apart for any purpose. On that reasoning, both amounts were kept out of the capital base and the reference was answered for the revenue. Case-Laws Income Tax Mon, 12 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37511