https://www.taxtmi.com/caselaws?id=19756 Rule 2 of the First Schedule to the Companies (Profits) Surtax Act, 1964 permits reduction only of the amount of income-tax payable by the company in respect of its total income. Interest charged under section 217(1A) and section 139(8) of the Income-tax Act, 1961 is a distinct liability from income-tax, and the statutory scheme treats tax and interest separately. The self-contained surtax computation does not extend the deduction to interest for delayed payment or delayed filing. Accordingly, interest under those provisions cannot be deducted as income-tax while computing net chargeable profits under the Surtax Act. en-us Wed, 23 Feb 1994 00:00:00 +0530 Mon, 09 Nov 2009 14:12:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19756 Rule 2 of the First Schedule to the Companies (Profits) Surtax Act, 1964 permits reduction only of the amount of income-tax payable by the company in respect of its total income. Interest charged under section 217(1A) and section 139(8) of the Income-tax Act, 1961 is a distinct liability from income-tax, and the statutory scheme treats tax and interest separately. The self-contained surtax computation does not extend the deduction to interest for delayed payment or delayed filing. Accordingly, interest under those provisions cannot be deducted as income-tax while computing net chargeable profits under the Surtax Act. Case-Laws Income Tax Wed, 23 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19756