https://www.taxtmi.com/caselaws?id=37648 Amounts set aside as provision for taxation and proposed dividend are treated as reserves under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963 only if the balance-sheet and surrounding facts show they are not meeting existing liabilities. A tax provision may count as a reserve only to the extent it exceeds tax liability already accrued on the relevant date. A proposed dividend amount depends on whether it was earmarked for an existing obligation or only for a future contingency. Because the necessary factual findings were missing, the matter was remitted to the Tribunal for fresh determination. en-us Fri, 24 Feb 1978 00:00:00 +0530 Wed, 31 Mar 2010 11:44:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37648 Amounts set aside as provision for taxation and proposed dividend are treated as reserves under rule 1 of the Second Schedule to the Super Profits Tax Act, 1963 only if the balance-sheet and surrounding facts show they are not meeting existing liabilities. A tax provision may count as a reserve only to the extent it exceeds tax liability already accrued on the relevant date. A proposed dividend amount depends on whether it was earmarked for an existing obligation or only for a future contingency. Because the necessary factual findings were missing, the matter was remitted to the Tribunal for fresh determination. Case-Laws Income Tax Fri, 24 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37648