KARAMCHAND PREMCHAND P. LTD. versus COMMISSIONER OF INCOME-TAX
Excess amount of company surtax capital reserves is allowed for the actual amount of money deposited in the depreciation fund, which is allocated for an additional tax as an emergency liability, proposed profits, profit sharing bonuses and pensions. Schemes not reserved for Indian Companies (Profit) Act, 1964, Section 2 (5) (8) 4 and Schedule II, R1 Indian Income Tax Act, 1922, Section 23A
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