Delhi High Court excludes Rs. 35 lacs from capital base calculation under Surtax Act

The High Court of Delhi held that the amount of Rs. 35 lacs under "Debenture Redemption Fund" is not to be considered in the capital base calculation for assessment under the Companies (Profits) Surtax Act, 1964, ruling in favor of the revenue against the assessee.

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The High Court of Delhi ruled that the amount of Rs. 35 lacs under "Debenture Redemption Fund" should not be included in the computation of capital base for assessment under the Companies (Profits) Surtax Act, 1964. The decision was made in favor of the revenue and against the assessee based on a previous case law.

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