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1984 (5) TMI 9 - HC - Income TaxExtract: .......real existing liability. Similar situation exists in the present assessment. Following that judgment, we answer the questions referred to us in the affirmative. The amounts transferred to contingency reserve are reserves . They have to be treated as such for the purpose of the Companies (Profits) Surtax Act, 1964. Parties will bear their own costs.
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