https://www.taxtmi.com/caselaws?id=70020 Interest-tax deducted under section 18 of the Interest-tax Act, 1974, while computing total income under the Income-tax Act, 1961, could not be added back for surtax purposes. Chargeable profits under the Companies (Profits) Surtax Act, 1964, are derived from total income computed under the Income-tax Act and adjusted only in the manner set out in the First Schedule. The later special non obstante deduction under section 18 was held to override the general income-tax computation scheme, and the deduction was not lost merely because it was not separately repeated in the Surtax Act. The revisionary order requiring exclusion of the deduction was cancelled, and the appeals were allowed. en-us Mon, 23 Mar 1992 00:00:00 +0530 Wed, 13 Apr 2011 14:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70020 Interest-tax deducted under section 18 of the Interest-tax Act, 1974, while computing total income under the Income-tax Act, 1961, could not be added back for surtax purposes. Chargeable profits under the Companies (Profits) Surtax Act, 1964, are derived from total income computed under the Income-tax Act and adjusted only in the manner set out in the First Schedule. The later special non obstante deduction under section 18 was held to override the general income-tax computation scheme, and the deduction was not lost merely because it was not separately repeated in the Surtax Act. The revisionary order requiring exclusion of the deduction was cancelled, and the appeals were allowed. Case-Laws Income Tax Mon, 23 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70020