1988 (11) TMI 58 - HC - Income Tax

Summary

The Bombay High Court ruled on the inclusion of 'Gratuity reserve' and 'Provision for taxation' in capital computation under the Super Profits Tax Act, 1963. The court directed the Tribunal to determine the excess of provisions over liabilities for these items based on the principles in a previous Supreme Court decision. The excess, if any, should be treated as reserves for capital computation. No costs were awarded. (Case citation: 1988 (11) TMI 58 - BOMBAY High Court)