Law:

Section:

Rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 - Capital - Computation of - Whether only such part of amount credited by assessee in its accounts as provision for taxation that was actually found necessary to be utilised for the purpose has to be excluded and not full amount of such credit -Held, yes Facts The Tribunal held that in the computation of the capital for the purpose of the Act, only such part of the amount credited by the assessee in its accounts as provision for taxation that was actually found necessary to be utilised for the purpose had to be excluded and not the full amount of such credit. On reference by the revenue: Held In view of the of the Supreme Court in Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559, the order of the Tribunal was to be upheld. Case referred to Vasir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559 (SC). G.S. Jetley, Mrs. M. Singh and K.C. Sidhwa for the Applicant. N.A. Dalvi for the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492