https://www.taxtmi.com/caselaws?id=38708 A reserve is includible in capital under the Super Profits Tax Act unless it contains amounts already allowed as deductions in computing business profits; on that basis, a replanting, building and machinery reserve was treated as part of capital because no credited depreciation had been taken into the reserve. Interest received from a foreign-incorporated bank was not excludible from chargeable profits on the footing that the bank was an "Indian concern", because that expression requires a substantive Indian nexus in ownership, management and control, not merely a branch or business presence in India. The material distinguishes "Indian concern" from the wider phrase "concern in India". en-us Mon, 01 Nov 1976 00:00:00 +0530 Thu, 08 Apr 2010 15:02:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38708 A reserve is includible in capital under the Super Profits Tax Act unless it contains amounts already allowed as deductions in computing business profits; on that basis, a replanting, building and machinery reserve was treated as part of capital because no credited depreciation had been taken into the reserve. Interest received from a foreign-incorporated bank was not excludible from chargeable profits on the footing that the bank was an "Indian concern", because that expression requires a substantive Indian nexus in ownership, management and control, not merely a branch or business presence in India. The material distinguishes "Indian concern" from the wider phrase "concern in India". Case-Laws Income Tax Mon, 01 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38708