1976 (10) TMI 12

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.... CHINNAPPA REDDY J.--The assessee was assessed to super-tax for the assessment years 1968-69 and 1969-70. In the course of the assessment, the Income-tax Officer had treated as "reserves" for the purpose of the Sur Tax Act, 1964, "surplus taxation reserve" and "dividend reserve". Subsequently, he became alive to the existence of the Explanation to rule 1 of the Second Schedule of the Companies (....

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....ther, on the facts and in the circumstances of the case, the Tribunal has rightly held that there was a mistake apparent from the record which was rectifiable under section 13 of the Companies (Profits) Surtax Act, 1964 ?" Shri B. S. Gupta, learned counsel for the assessee, argued that the question whether taxation reserve and dividend reserve could not be treated as reserves, notwithstanding t....