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Showing contexts for: cloud computing in Commissioner Of Income-Tax, Bombay ... vs Asian Paints (India) P. Ltd. on 9 September, 1981Matching Fragments
5. From the fact that an identical amount was carried forward in all the three assessment years as "gratuity reserve", it would appear that this was just setting apart in an ad hoc manner and without any correlation to the actual or estimated liability for the payment of gratuity. If that be so, then following out decision in CIT v. Forbes Forbes Campbell & Co. Ltd., (1977) 107 ITR 38 (Bom), we are required to hold that the sum would constitute a reserve and will be required to be i clouded in the computation of capital on January 1, 1962, January 1, 1963, as also on January 1, 1964.