1996 (2) TMI 47

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..... n T. C. P. No. 381 of 1979, 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 .....

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..... ax. The question that arose 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 .....

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