https://www.taxtmi.com/caselaws?id=38351 Amounts retained for taxation and dividend purposes were treated as provisions, not reserves, for capital base computation under the Companies (Profits) Surtax Act, 1964, because substance and statutory balance-sheet classification controlled over nomenclature. Sums set aside to meet known liabilities of uncertain quantification fell within the exclusion in the Explanation to rule 1 of the Second Schedule read with Schedule VI and could not be included in capital. The challenge to the Tribunal's finding of specific liability and non-reserve character was rejected as supported by the material on record, and the Board circular relied upon did not alter that result on the facts found. en-us Wed, 09 Mar 1977 00:00:00 +0530 Mon, 05 Apr 2010 17:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38351 Amounts retained for taxation and dividend purposes were treated as provisions, not reserves, for capital base computation under the Companies (Profits) Surtax Act, 1964, because substance and statutory balance-sheet classification controlled over nomenclature. Sums set aside to meet known liabilities of uncertain quantification fell within the exclusion in the Explanation to rule 1 of the Second Schedule read with Schedule VI and could not be included in capital. The challenge to the Tribunal's finding of specific liability and non-reserve character was rejected as supported by the material on record, and the Board circular relied upon did not alter that result on the facts found. Case-Laws Income Tax Wed, 09 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38351