https://www.taxtmi.com/caselaws?id=38372 Dividend recommended by the board is not part of "other reserves" for surtax capital computation, so it cannot be added to the capital base. Depreciation allowed in income-tax assessment must be deducted from general reserves where the books show a different depreciation figure, because the surtax schedule requires reserves to be taken net of amounts already allowed as deduction in computing income. That adjustment depends on depreciation allowed for the relevant year, not on whether the assessment order was completed before the first day of the previous year. The capital base is therefore computed after excluding the relevant depreciation component from reserves. en-us Fri, 30 Jul 1976 00:00:00 +0530 Mon, 05 Apr 2010 18:01:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38372 Dividend recommended by the board is not part of "other reserves" for surtax capital computation, so it cannot be added to the capital base. Depreciation allowed in income-tax assessment must be deducted from general reserves where the books show a different depreciation figure, because the surtax schedule requires reserves to be taken net of amounts already allowed as deduction in computing income. That adjustment depends on depreciation allowed for the relevant year, not on whether the assessment order was completed before the first day of the previous year. The capital base is therefore computed after excluding the relevant depreciation component from reserves. Case-Laws Income Tax Fri, 30 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38372