https://www.taxtmi.com/caselaws?id=70403 For surtax computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, excess depreciation credited to reserves and allowed as a deduction in income-tax assessments was properly excluded from the capital base under the applicable rule. The Tribunal followed the binding High Court precedent and rejected the plea that an earlier failure to revise the computation prevented adjustment in the current year. It held that the capital base must be determined independently for each assessment year, so an earlier computational error does not bar correct application of the rule in a later year. The assessee's challenge therefore failed and the surtax computation was sustained. en-us Wed, 23 May 1990 00:00:00 +0530 Sat, 16 Apr 2011 10:02:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70403 For surtax computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, excess depreciation credited to reserves and allowed as a deduction in income-tax assessments was properly excluded from the capital base under the applicable rule. The Tribunal followed the binding High Court precedent and rejected the plea that an earlier failure to revise the computation prevented adjustment in the current year. It held that the capital base must be determined independently for each assessment year, so an earlier computational error does not bar correct application of the rule in a later year. The assessee's challenge therefore failed and the surtax computation was sustained. Case-Laws Income Tax Wed, 23 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70403