https://www.taxtmi.com/caselaws?id=63921 Chapter VI-A deductions under the Income-tax Act, including sections 80HH and 80J, had to be considered within the statutory mechanism for computing chargeable profits under the Companies (Profits) Surtax Act, 1964; the contrary contention was rejected, though the 80J deduction was directed to be recomputed in accordance with law. A central subsidy received for setting up the industrial unit in a backward area was treated as a capital receipt, not a liability, and therefore formed part of the reserve position for surtax capital computation. The subsidy was accordingly includible in the capital base, and the Revenue's challenge failed except for the limited recomputation direction. en-us Mon, 25 Apr 1988 00:00:00 +0530 Wed, 02 Feb 2011 17:13:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63921 Chapter VI-A deductions under the Income-tax Act, including sections 80HH and 80J, had to be considered within the statutory mechanism for computing chargeable profits under the Companies (Profits) Surtax Act, 1964; the contrary contention was rejected, though the 80J deduction was directed to be recomputed in accordance with law. A central subsidy received for setting up the industrial unit in a backward area was treated as a capital receipt, not a liability, and therefore formed part of the reserve position for surtax capital computation. The subsidy was accordingly includible in the capital base, and the Revenue's challenge failed except for the limited recomputation direction. Case-Laws Income Tax Mon, 25 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63921