1997 (2) TMI 61

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..... rred the following question for the opinion of this court under section 18 of the Companies (Profits) Surtax Act, 1964, read with section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the dividends declared subsequent to the first day of the accounting year should not be reduced from the capital .....

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..... which it related and, as on January 1, 1963, the sum of Rs. 76 lakhs was a provision and only Rs. 14 lakhs could be treated as a reserve in the computation of capital for the purpose of surtax. Inasmuch as the order passed by the Tribunal is not in conformity with the judgment of the Supreme Court cited above, we answer the question in the negative and in favour of the Department. No costs. .....

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