1989 (9) TMI 34

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....ARUCHA J.-This reference raises two questions. The first question is at the instance of the assessee and the second is at the instance of the Revenue. The questions read thus : "(1) Whether, on the facts and in the circumstances of the case, the dividend reserve of Rs. 3,50,000 as on January 1, 1966, is includible as 'reserve' in the computation of capital of the assessee-company for the assess....