https://www.taxtmi.com/caselaws?id=15580 Surtax paid on a company's profits is not deductible in computing business income under the Income-tax Act, so the assessee's claim for deduction failed for the assessment year 1974-75. On the gratuity fund issue, the earlier view applied to the assessee's prior year reference was followed, and the approved fund claim was allowed subject to compliance with section 40A(7), so the Revenue's objection failed. The reference was thus disposed of by rejecting the surtax deduction claim while upholding the gratuity fund position, with each party bearing its own costs. en-us Mon, 20 Oct 1997 00:00:00 +0530 Wed, 26 Aug 2009 11:25:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15580 Surtax paid on a company's profits is not deductible in computing business income under the Income-tax Act, so the assessee's claim for deduction failed for the assessment year 1974-75. On the gratuity fund issue, the earlier view applied to the assessee's prior year reference was followed, and the approved fund claim was allowed subject to compliance with section 40A(7), so the Revenue's objection failed. The reference was thus disposed of by rejecting the surtax deduction claim while upholding the gratuity fund position, with each party bearing its own costs. Case-Laws Income Tax Mon, 20 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15580