https://www.taxtmi.com/caselaws?id=38956 The court held that the dividends recommended by the directors could not be included in the capital computation for surtax unless past reserves were expressly stated for dividends. Therefore, the Rs. 2,10,000 and Rs. 2,25,000 dividends recommended for assessment years 1970-71 and 1971-72 were not considered in the capital computation for surtax, favoring the revenue. en-us Thu, 29 Jul 1976 00:00:00 +0530 Sat, 10 Apr 2010 15:42:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38956 The court held that the dividends recommended by the directors could not be included in the capital computation for surtax unless past reserves were expressly stated for dividends. Therefore, the Rs. 2,10,000 and Rs. 2,25,000 dividends recommended for assessment years 1970-71 and 1971-72 were not considered in the capital computation for surtax, favoring the revenue. Case-Laws Income Tax Thu, 29 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38956