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Issues: Whether deduction allowed under section 80J of Chapter VIA of the Income-tax Act could be treated as a sum not includible in the total income for the purpose of rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, while computing capital employed.
Analysis: The question stood covered by the earlier decision of the same High Court and by the Calcutta High Court. On that basis, the deduction under section 80J was not regarded as a sum excluded from total income for the purpose of rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964.
Conclusion: The issue was answered in the negative, in favour of the assessee and against the Revenue.
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