https://www.taxtmi.com/caselaws?id=71464 For surtax computation, only the depreciation difference attributable to the relevant assessment year could be deducted from general reserves, not the accumulated shortfall of earlier years, and the assessee succeeded on this point. Deductions allowed under Chapter VIA of the Income-tax Act were treated as deductions in computing total income, not income excluded from total income, so Rule 4 of the Second Schedule could not be used to reduce capital employed on that basis. The appellate computation was therefore upheld, and both revenue challenges failed. en-us Wed, 30 Sep 1992 00:00:00 +0530 Mon, 25 Apr 2011 10:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71464 For surtax computation, only the depreciation difference attributable to the relevant assessment year could be deducted from general reserves, not the accumulated shortfall of earlier years, and the assessee succeeded on this point. Deductions allowed under Chapter VIA of the Income-tax Act were treated as deductions in computing total income, not income excluded from total income, so Rule 4 of the Second Schedule could not be used to reduce capital employed on that basis. The appellate computation was therefore upheld, and both revenue challenges failed. Case-Laws Income Tax Wed, 30 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71464