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1996 (2) TMI 130 - SUPREME COURTWhether reserve for meeting doubtful debts was a reserve or a provision ? Whether gratuity reserve created by the assessee was a reserve or a provision ? Held that:- Appeals are partly allowed. The reframed question is answered partly in the affirmative in favour of the assessee and against the Revenue in so far as the reserve for doubtful debts and rehabilitation reserve are concerned. However, so far as the answer given by the High Court on gratuity reserve is concerned, it is set aside and the issue regarding gratuity reserve is directed to be remanded through the Tribunal for reconsideration by the Surtax Officer for deciding it afresh in the light of the aforesaid principles in Vazir Sultan Tobacco Co.'s case [1981 (9) TMI 105 - SUPREME Court] after giving an opportunity to the assessee-company to place additional relevant materials before him.
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