https://www.taxtmi.com/caselaws?id=59127 Amounts set apart to meet an existing liability, including debenture redemption obligations, are provisions and not reserves for capital computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, so debenture redemption reserve was treated as a provision. Amounts specifically created against identified doubtful debts were likewise held to be provisions, not reserves, because they corresponded to anticipated losses on ascertainable debts. Rule 4 of the Second Schedule refers to income not includible in total income as computed under the Income-tax Act and does not extend to Chapter VI-A deductions, so those deductions were not excluded for that purpose. en-us Mon, 09 Mar 1987 00:00:00 +0530 Wed, 25 Jan 2012 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59127 Amounts set apart to meet an existing liability, including debenture redemption obligations, are provisions and not reserves for capital computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, so debenture redemption reserve was treated as a provision. Amounts specifically created against identified doubtful debts were likewise held to be provisions, not reserves, because they corresponded to anticipated losses on ascertainable debts. Rule 4 of the Second Schedule refers to income not includible in total income as computed under the Income-tax Act and does not extend to Chapter VI-A deductions, so those deductions were not excluded for that purpose. Case-Laws Income Tax Mon, 09 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59127