https://www.taxtmi.com/caselaws?id=37616 The High Court of Calcutta ruled against the assessee, determining that the provision for bad and doubtful debts should not be treated as a 'reserve' for the purpose of capital computation under the Super Profits Tax Act, 1963. The Court emphasized the distinction between 'provisions' and 'reserves' based on commercial accountancy principles and specific circumstances of the case, aligning with the Supreme Court's guidance. Justices C. K. Banerjee and Dipak Kumar Sen delivered the judgment without any order as to costs. en-us Thu, 12 Jan 1978 00:00:00 +0530 Wed, 31 Mar 2010 10:23:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37616 The High Court of Calcutta ruled against the assessee, determining that the provision for bad and doubtful debts should not be treated as a 'reserve' for the purpose of capital computation under the Super Profits Tax Act, 1963. The Court emphasized the distinction between 'provisions' and 'reserves' based on commercial accountancy principles and specific circumstances of the case, aligning with the Supreme Court's guidance. Justices C. K. Banerjee and Dipak Kumar Sen delivered the judgment without any order as to costs. Case-Laws Income Tax Thu, 12 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37616