Supreme Court · 1997 INSC 581 · Decided 29 July 1997
National Rayon Corporation LTD. v. The Commissioner of Income Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1997 INSC 581 · [1997] SUPP. 3 S.C.R. 140
- Case number
- CIVIL APPEAL No. 431/1989
- Decided
- 29 July 1997
- Bench
- S.C. SEN, K.T. THOMAS (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act
Headnote
RAYON CORPORATION LTD. v. THE COMMISSIONER OF INCOME TAX, MADRAS JULY 29, 1997 B (SUHAS C. SEN AND K.T. THOMAS, JJ.) Companies (Profits) Surtax Act 1964: Section 2(8)-Computation of capital of a company for the purpose of surtax assessment-The amount set apa1t for redemption of Debentures-To as 'rese1ve' in the prescribed balance sheet of the company-Not to be treated as rese1Ve for computation of capital. Companies Act 1956 : Part 111 Schedule VI Clauses 7(1) & (2}-'provision' and 'rese1Ve' defined-Issue of debentures-Not redeemable in the year of account-Nevertheless
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