https://www.taxtmi.com/caselaws?id=55869 The Tribunal dismissed the appeals of the assessee for certain years regarding the treatment of reserves in the capital base for the Surtax Act. It upheld the decision that undistributed profits must be earmarked or separated to constitute a reserve, and if the reserve was adjusted for losses, it could not be considered part of the capital base. However, for another year, the Tribunal allowed the appeal, following the decision of the Bombay High Court, and ruled in favor of the assessee regarding the inclusion of bad debt reserves in the capital base. en-us Fri, 03 Aug 1984 00:00:00 +0530 Wed, 25 Jan 2012 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55869 The Tribunal dismissed the appeals of the assessee for certain years regarding the treatment of reserves in the capital base for the Surtax Act. It upheld the decision that undistributed profits must be earmarked or separated to constitute a reserve, and if the reserve was adjusted for losses, it could not be considered part of the capital base. However, for another year, the Tribunal allowed the appeal, following the decision of the Bombay High Court, and ruled in favor of the assessee regarding the inclusion of bad debt reserves in the capital base. Case-Laws Income Tax Fri, 03 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55869