| Citation(s) |
|---|
| 1993 SLG 114 1993 SLD 114 1993 PTD 983 (1993) 200 ITR 572 |
Supreme Court of India
Cite Appeals Nos. 1020 and 1021 of 1977 with Civil Appeal No. 2567 of 1977, decision dated: 6-01-1993
M.N VENKATACHALIAH AND G.N. RAY, JJ
Suman J. Khaitan for Appellant. Ms. A. Subhashini for
Respondent
Cite Appeals Nos. 1020 and 1021 of 1977 with Civil Appeal No. 2567 of 1977, decision dated: 6-01-1993
M.N VENKATACHALIAH AND G.N. RAY, JJ
Suman J. Khaitan for Appellant. Ms. A. Subhashini for
Respondent
ZENITH LTD
VS
COMMISSIONER OF INCOME TAX
Law: Income Tax Act, 1922
Section:
Income-tax----Company---Surtax---Computation of capital---"Reserves"---General reserves---Actual depreciation being in excess of depreciation provided for--¬Difference to be deducted from general reserves---That assessment in which depreciation is allowed is completed after first day of the relevant previous year---Not relevant---Indian Companies (Profits) Surtax Act, 1964, Sched. II, R.1(iii). From the decision of the Bombay High Court in CIT v. Zenith Steel Pipes Ltd. (1978) 112 ITR 215 to the effect (i) that where the depreciation actually, allowed in the assessment exceeds the depreciation provided in the books of the assessee-company, the amount of excess is to be deducted from the general reserves for the purpose of including the reserves in computing the capital for purposes of surtax and (ii) that the fact that the assessment in which the depreciation actually allowed is determined is completed after the first day of the relevant previous year in…
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