https://www.taxtmi.com/caselaws?id=39181 Amounts set apart for an unreal or contingent liability may qualify as reserve capital for super profits tax if they are not, in substance, existing liabilities. The court held that the additional cane price provision, though described in the accounts as a provision, had not crystallised as a current liability and was later taken back into profits. Its true character, not its bookkeeping label, was decisive. It was therefore treated as a reserve forming part of the assessee's capital under the Super Profits Tax Act. en-us Thu, 26 Apr 1973 00:00:00 +0530 Tue, 13 Apr 2010 15:22:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39181 Amounts set apart for an unreal or contingent liability may qualify as reserve capital for super profits tax if they are not, in substance, existing liabilities. The court held that the additional cane price provision, though described in the accounts as a provision, had not crystallised as a current liability and was later taken back into profits. Its true character, not its bookkeeping label, was decisive. It was therefore treated as a reserve forming part of the assessee's capital under the Super Profits Tax Act. Case-Laws Income Tax Thu, 26 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39181