https://www.taxtmi.com/caselaws?id=16816 In computing chargeable profits under the Companies (Profits) Surtax Act, 1964, the First Schedule must be applied strictly according to rules 1 to 3. Rule 2 allows deduction only of income-tax payable in respect of the company's total income after the prescribed adjustments, and it does not permit a further deduction of notional income-tax relatable to interest on long-term borrowings or debentures. Rule 3, as then in force, required only the addition back of debenture interest and did not create any corresponding tax deduction. The claimed deduction was therefore disallowed. en-us Wed, 26 Feb 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16816 In computing chargeable profits under the Companies (Profits) Surtax Act, 1964, the First Schedule must be applied strictly according to rules 1 to 3. Rule 2 allows deduction only of income-tax payable in respect of the company's total income after the prescribed adjustments, and it does not permit a further deduction of notional income-tax relatable to interest on long-term borrowings or debentures. Rule 3, as then in force, required only the addition back of debenture interest and did not create any corresponding tax deduction. The claimed deduction was therefore disallowed. Case-Laws Income Tax Wed, 26 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16816