https://www.taxtmi.com/caselaws?id=9340 For computing capital base under rule 1A of the Second Schedule to the Companies (Profits) Surtax Act, 1964, the deduction for provision for taxation is determined by the provision existing on the first day of the previous year relevant to the assessment year. The rule focuses on the position on that date and uses the term "provision", not the amount of tax ultimately assessed at the end of the year. A contrary reading would require rewriting the clear language of the rule. The provision as standing on the first day of the previous year therefore governs the capital base computation, with the result in favour of the assessee. en-us Wed, 23 Mar 2005 00:00:00 +0530 Mon, 22 Jun 2009 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9340 For computing capital base under rule 1A of the Second Schedule to the Companies (Profits) Surtax Act, 1964, the deduction for provision for taxation is determined by the provision existing on the first day of the previous year relevant to the assessment year. The rule focuses on the position on that date and uses the term "provision", not the amount of tax ultimately assessed at the end of the year. A contrary reading would require rewriting the clear language of the rule. The provision as standing on the first day of the previous year therefore governs the capital base computation, with the result in favour of the assessee. Case-Laws Income Tax Wed, 23 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9340