https://www.taxtmi.com/caselaws?id=19537 The court affirmed the Tribunal's decision that the distributable surplus for imposing additional income-tax should be calculated based on profit as per the profit and loss account. However, the court ruled against deducting penalties and interest from the distributable surplus for calculating additional income-tax, aligning with the Revenue's argument that penalties and interest should not be treated as tax for deduction purposes. en-us Tue, 01 Nov 1994 00:00:00 +0530 Fri, 06 Nov 2009 17:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19537 The court affirmed the Tribunal's decision that the distributable surplus for imposing additional income-tax should be calculated based on profit as per the profit and loss account. However, the court ruled against deducting penalties and interest from the distributable surplus for calculating additional income-tax, aligning with the Revenue's argument that penalties and interest should not be treated as tax for deduction purposes. Case-Laws Income Tax Tue, 01 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19537