https://www.taxtmi.com/caselaws?id=38895 For super profits tax capital computation, proposed dividend was excluded from capital, while excess provision for taxation and provision for gratuity were included, following the authorities applied. The amount set apart for contingencies, however, was treated as a provision rather than a reserve because it was appropriated against a known contingent liability arising from a pending bonus dispute, and was therefore excluded from capital. The decision turns on the distinction between reserve and provision in capital computation, with the result divided between the assessee and the revenue. en-us Tue, 10 Aug 1976 00:00:00 +0530 Sat, 10 Apr 2010 12:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38895 For super profits tax capital computation, proposed dividend was excluded from capital, while excess provision for taxation and provision for gratuity were included, following the authorities applied. The amount set apart for contingencies, however, was treated as a provision rather than a reserve because it was appropriated against a known contingent liability arising from a pending bonus dispute, and was therefore excluded from capital. The decision turns on the distinction between reserve and provision in capital computation, with the result divided between the assessee and the revenue. Case-Laws Income Tax Tue, 10 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38895