https://www.taxtmi.com/caselaws?id=11504 Interest on sticky loans was treated as outside the income base for surtax purposes because chargeable profits under the Companies (Profits) Surtax Act, 1964 are computed from income assessed under the Income-tax Act, 1961, subject to the First Schedule adjustments. Applying the view that such interest is not exigible to tax as income, it could not be added while computing chargeable profits. The computation was therefore sustained in favour of the assessee, and the Revenue's challenge to exclusion of the interest failed. en-us Tue, 22 Apr 2003 00:00:00 +0530 Tue, 11 Aug 2009 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11504 Interest on sticky loans was treated as outside the income base for surtax purposes because chargeable profits under the Companies (Profits) Surtax Act, 1964 are computed from income assessed under the Income-tax Act, 1961, subject to the First Schedule adjustments. Applying the view that such interest is not exigible to tax as income, it could not be added while computing chargeable profits. The computation was therefore sustained in favour of the assessee, and the Revenue's challenge to exclusion of the interest failed. Case-Laws Income Tax Tue, 22 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11504