https://www.taxtmi.com/caselaws?id=38595 A provision made for taxation was held not to be a reserve for inclusion in capital computation under the surtax rules because it represented an accrued liability rather than an amount set apart for future use. However, the same provision was treated as a fund within the statutory language and could be deducted from the cost of investments, as the context did not require the term to be confined to a free or unfrozen fund. The assessee therefore failed on the reserve issue but succeeded on the deduction issue. en-us Wed, 24 Dec 1975 00:00:00 +0530 Wed, 07 Apr 2010 14:51:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38595 A provision made for taxation was held not to be a reserve for inclusion in capital computation under the surtax rules because it represented an accrued liability rather than an amount set apart for future use. However, the same provision was treated as a fund within the statutory language and could be deducted from the cost of investments, as the context did not require the term to be confined to a free or unfrozen fund. The assessee therefore failed on the reserve issue but succeeded on the deduction issue. Case-Laws Income Tax Wed, 24 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38595