Ins. by Act 66 of 1980, sec. 20 (w.r.e.f 231.8.1980) — ACT 21 OF 1965

1 Ins. by Act 66 of 1980, sec. 20 (w.r.e.f 231.8.1980) Explanation: The expression 'reserves" occurring in column (3) against item Nos. 1 [1(iii), 2(iii) and 3(ii)] shall not include any amount set apart for the purpose of- (i) Payment of any direct tax which, according to the balance –sheet, would be payable; (ii) meeting any depreciation admissible in accordance with the provisions of clause(a) of section 6; (iii) payment of dividends which have been declared.; but shall include- (a) any amount, over and above the amount referred to in clause(i) of this Explanation. (b) any amount set apart for meeting any depreciation in excess of the amount admissible in accordance with the provisions of clause (a) of section 6.

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