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1976 (8) TMI 38 - BOMBAY HIGH COURTExtract: .......end equalisation reserve account from the development reserve in the preceding year out of which the dividend was distributed. Thus, for the assessment year 1966-67, the whole of the sum of Rs. 1,47,72,153 should be included in the computation of capital for the purposes of surtax for the assessment year 1966-67. There will be no order as to costs.
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