Supreme Court · 1996 INSC 260 · Decided 15 February 1996
Commissioner of Income Tax, Gujarat v. Jyoti LTD.
- Court
- Supreme Court of India
- Citation
- 1996 INSC 260 · [1996] 2 S.C.R. 713
- Case number
- CIVIL APPEAL No. 471/1978
- Decided
- 15 February 1996
- Bench
- B.P. JEEVAN REDDY, S.B. MAJMUDAR (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
Headnote
Income Tax 1961. Companies (Profits) Surtax Act 1964-Section 256(1)/18-Surtax liability-Computation of Capital-Statutory deductions-Rese1ves for bad and doubtful debts and gratuity-Held-Reserves for bad and doubtful debts are pan of capital because such liability cannot be ascertained-Gratuity Surtax officer through the Tribunal for reconsideration. The respondent assessee is a company carrying on business at Baroda. The respondent was governed by the provisions of the Surtax Act. The respondent claimed that in computing its capital base for the assess­ ment years 1967-68 and
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