1988 (12) TMI 24

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....estion of law at the instance of the Department. The question reads thus : "Whether the dividend reserve qua ordinary shares and the gratuity reserve were 'reserves for the purpose of capital computation', under the Surtax Act of 1964 ?" Counsel are agreed that in view of the Supreme Court's decision in the case of Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559, our answer has to be....