TMI Blog1976 (7) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... r our determination : " Assessment year 1965-66 : Whether, on the facts and in the circumstances of the case, the dividend reserve of Rs. 17,25,000 as on July 1, 1963, was includible in the computation of capital of the assessee under rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, for the assessment year 1965-66 ? Assessment year 1966-67 : Whether, on the facts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... serve account and out of that the sum of Rs. 17,15,715 is directed to be paid as dividend in the same year, Thus, the sum of Rs. 17,15,715 which is proposed dividend will not be includible in the computation of capital and only the balance of Rs. 9,285 will be treated as capital for the purpose of the Surtax Act. Therefore, our answer to question No. 1 is that out of an amount of Rs. 17,25,000 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 2 is that the general reserve to the extent of Rs. 18,35,715 as on July 1, 1964, was not includible in the computation of capital of the assessee-company but the sum of Rs. 6,64,285 as on July 1, 1964, was includible in the computation of capital of the assessee-company under rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, for the assessment year 1966-67. Each party ..... X X X X Extracts X X X X X X X X Extracts X X X X
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