1991 (2) TMI 66 - HC - Income Tax

Summary

The Bombay High Court ruled that the amount transferred to the General Reserve No. I account was includible in the capital computation base of the assessee company for the assessment years 1970-71 and 1971-72. The court based its decision on the case of CIT v. Zenith Steel Pipes Ltd. [1978] 112 ITR 215, ruling in favor of the Revenue.