1991 (3) TMI 90

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....e cross-references relate to the assessment of the assessee for the assessment years 1971-72, 1972-73 and 1973-74. By its order dated March 15, 1977, under section 256(1) of the Income-tax Act, 1961, the Tribunal had referred to this court the following two questions of law, one each at the instance of the Department and the assessee : R. A. Nos. 354 and 355 / (PN) of 1975-76 : "Whether, on ....

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....nual general meetings ?' Counsel are agreed that so far as question No. 2 is concerned, the question requires to be answered in the affirmative and in favour of the Revenue in view of the Supreme Court decision in the case of Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559. The question is so answered. As regards the first question, the relevant facts in brief are that the assessee c....

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....reliance on the Allahabad High Court decision in the case of CIT v. British India Corporation (P.) Ltd. [1973] 92 ITR 38 and the Kerala High Court decision the case of CIT v. Periakaramalai Tea and Produce Co. Ltd. [1973] 92 ITR 65, it was submitted by Dr. Balasubramanian for the Department that the provision herein represented the assessee's existing liability and the Tribunal was, therefore, not....

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.... observed that though there is a distinction between a "reserve" and "provision" in the Companies Act, 1956, that distinction cannot be imported into the meaning of the word "reserve" in rule 1 of the Second Schedule to the Super Profits Tax Act (in the present case, the Surtax Act). The term "reserve", it was stated, meant a sum specifically set apart for future use or for a specific occasion and....