https://www.taxtmi.com/caselaws?id=18564 Amount deposited with the Industrial Development Bank of India in lieu of surcharge on income-tax was not treated as deductible in computing chargeable profits under rule 2(1) of the First Schedule to the Companies (Profits) Surtax Act, 1964. The court applied the statutory computation scheme for chargeable profits and accepted that only income-tax payable by the company is deductible under the rule; a deposit made under the scheme was not equivalent to actual payment of surcharge or a deemed payment for deduction purposes. The deposit therefore did not qualify for deduction when determining chargeable profits. en-us Wed, 26 Apr 1995 00:00:00 +0530 Thu, 01 Oct 2009 16:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18564 Amount deposited with the Industrial Development Bank of India in lieu of surcharge on income-tax was not treated as deductible in computing chargeable profits under rule 2(1) of the First Schedule to the Companies (Profits) Surtax Act, 1964. The court applied the statutory computation scheme for chargeable profits and accepted that only income-tax payable by the company is deductible under the rule; a deposit made under the scheme was not equivalent to actual payment of surcharge or a deemed payment for deduction purposes. The deposit therefore did not qualify for deduction when determining chargeable profits. Case-Laws Income Tax Wed, 26 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18564