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1996 (8) TMI 12 - MADRAS HIGH COURTExtract: ........ 14 lakhs could be treated as a reserve in the computation of capital for the purpose of surtax. In other words, the Supreme Court was of the view that the dividends declared should be deducted from the capital for the purpose of surtax assessment. Accordingly, we answer the question referred to us, in the negative and in favour of the Department.
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