1996 (2) TMI 47

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..... dated January 5, 1979, the Tribunal referred the following question of law for the opinion of this court under section 256(1) of the Income-tax Act, 1961 : Whether, on the facts and in the circumstances of this case, the Appellate Tribunal was correct in holding that the ' general reserve ' as on the first day of the previous year should not be reduced by the amount of dividend declared at a fut .....

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..... ose for consideration in the abovesaid decision was whether for the previous year 1963 relevant to the assessment year 1964-65, the entire amount of Rs. 90 lakhs could be included in the capital computation as a reserve for the purposes of surtax under the Companies (Profits) Surtax Act, 1964. While answering this question the Supreme Court held as stated above. In view of the above decision of th .....

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