1987 (7) TMI 19

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..... he judgment delivered by the court in Income-tax Reference No. 32 of 1977 dated May 6, 1985, involves a substantial question of law and is a fit case for appeal to the Supreme Court. It appears from the said judgment dated May 6, 1985, that this court followed its earlier decision in the case of the same assessee in CIT v. Calcutta Electric Supply Corporation Ltd. [1982] 138 ITR 111. It was su .....

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..... c Supply Co. Ltd. [1986] 158 ITR 332 (Cal), where the items involved were reserve for contingencies and reserve for debenture redemption for the purpose of computation of the capital under the Companies (Profits) Surtax Act, 1964. In that case the earlier decision of this court in Calcutta Electric Supply Corporation Ltd. [1982] 138 ITR 111 was followed. The decision of the Supreme Court in Vazir .....

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