Supreme Court of India
Commissioner of Income Tax, Trivandrum v. M/s Tranvancore Titanium Products Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the aforesaid reasons, we allow the appeal and answer the questions in the negative, that is, in favour of the Revenue and against the assessee, upholding the order of the assessing authority.
Judgment, page 8
From the headnote
Companies (Profits) Surtax Act, 1964-Section 18-Capital·- Computation of. -Amount lying in loan Redemption Reserve Account-Reserve or Provision--Held, the amount has been set aside to clear a known liability- Hence it is a provision and not a reserve-Thus it could not be excluded from capital. Respondent-assessee obtained loan of Rs. 491 lakhs from State Government over a period from 1968 to 1983 for expansion of its plant. Amount outstanding towards principal to the State Government was Rs. 143 lakhs for the financial year 1986-87. An amount of Rs. I Crore was lying in 'Loan Redemption
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