https://www.taxtmi.com/caselaws?id=12857 Interest liability arising under the Income-tax Act was held not to be deductible in computing business profits, because the point was already settled by binding Supreme Court precedent. Surtax liability was also held not to be an allowable deduction in computing total income, again following the Supreme Court's earlier ruling. Both referred questions were answered against the assessee and in favour of the Revenue, and the reference was disposed of accordingly. en-us Mon, 06 Aug 2001 00:00:00 +0530 Fri, 22 May 2009 15:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12857 Interest liability arising under the Income-tax Act was held not to be deductible in computing business profits, because the point was already settled by binding Supreme Court precedent. Surtax liability was also held not to be an allowable deduction in computing total income, again following the Supreme Court's earlier ruling. Both referred questions were answered against the assessee and in favour of the Revenue, and the reference was disposed of accordingly. Case-Laws Income Tax Mon, 06 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12857