1989 (3) TMI 21

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....red the following question of law under section 256(1) of the Income-tax Act, 1961, to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the reserve for contingencies of Rs. 4,07,707 and the reserve for debenture redemption of Rs. 12,80,000 should be taken into account for the purpose of computation of capital under the Second S....