https://www.taxtmi.com/caselaws?id=60274 Settlement proceedings under the Income-tax Act do not, by themselves, govern surtax computation unless the surtax issue is expressly covered; disclosed concealed income remains unappropriated profits unless it is actually set apart as a reserve on the relevant balance-sheet dates. A tax provision does not become a reserve merely because excess provision is written back, especially where the amount is left unappropriated and not earmarked for a definite purpose. For investment-cost deduction under the surtax schedule, recomputation must account for outstanding loans and related adjustments, with the figures verified afresh after hearing the assessee. en-us Sat, 29 Sep 1984 00:00:00 +0530 Tue, 04 Jan 2011 14:59:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60274 Settlement proceedings under the Income-tax Act do not, by themselves, govern surtax computation unless the surtax issue is expressly covered; disclosed concealed income remains unappropriated profits unless it is actually set apart as a reserve on the relevant balance-sheet dates. A tax provision does not become a reserve merely because excess provision is written back, especially where the amount is left unappropriated and not earmarked for a definite purpose. For investment-cost deduction under the surtax schedule, recomputation must account for outstanding loans and related adjustments, with the figures verified afresh after hearing the assessee. Case-Laws Income Tax Sat, 29 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60274