https://www.taxtmi.com/caselaws?id=61770 Paragraph 1(xi)(b) of the First Schedule to the Companies (Profits) Surtax Act, 1964 was construed as permitting exclusion only of sums already forming part of the total income of the previous year. The scheme of the Act distinguishes exclusions under paragraph 1 from deductions under paragraph 2, so the expression "other sums" in paragraph 1(xi)(b) was read in the same genus as "income, profits and gains". On that reading, a transfer to reserve fund not derived from the previous year's income could not be excluded in computing chargeable profits. en-us Tue, 16 Apr 1985 00:00:00 +0530 Fri, 14 Jan 2011 18:06:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61770 Paragraph 1(xi)(b) of the First Schedule to the Companies (Profits) Surtax Act, 1964 was construed as permitting exclusion only of sums already forming part of the total income of the previous year. The scheme of the Act distinguishes exclusions under paragraph 1 from deductions under paragraph 2, so the expression "other sums" in paragraph 1(xi)(b) was read in the same genus as "income, profits and gains". On that reading, a transfer to reserve fund not derived from the previous year's income could not be excluded in computing chargeable profits. Case-Laws Income Tax Tue, 16 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61770