https://www.taxtmi.com/caselaws?id=57489 The ITAT dismissed the appeals filed by the assessee concerning the computation of "capital and reserves" for determining the standard deduction under the Companies (Profits) Surtax Act, 1964. The ITAT upheld the CIT(A)'s decision, ruling that the undisclosed profits outside the books could not be considered part of the company's reserves for surtax computation. The assessee failed to prove retention and utilization of the undisclosed income in the business, as required by legal precedents, leading to the dismissal of the appeals. en-us Mon, 12 Sep 1994 00:00:00 +0530 Fri, 10 Dec 2010 14:44:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57489 The ITAT dismissed the appeals filed by the assessee concerning the computation of "capital and reserves" for determining the standard deduction under the Companies (Profits) Surtax Act, 1964. The ITAT upheld the CIT(A)'s decision, ruling that the undisclosed profits outside the books could not be considered part of the company's reserves for surtax computation. The assessee failed to prove retention and utilization of the undisclosed income in the business, as required by legal precedents, leading to the dismissal of the appeals. Case-Laws Income Tax Mon, 12 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57489