https://www.taxtmi.com/caselaws?id=19911 Rule 2(i) of the First Schedule to the Companies (Profits) Surtax Act, 1964 permits deduction only of income-tax payable by the company. A deposit made with the Industrial Development Bank of India in lieu of surcharge on income-tax was not treated as tax payment and did not qualify as a deductible amount in computing chargeable profits. The same provision also does not authorise deduction of surtax itself. The stated legal position is that, unless the Schedule expressly allows it, neither a deposit made to relieve surcharge liability nor surtax can be reduced from chargeable profits. en-us Fri, 04 Mar 1994 00:00:00 +0530 Tue, 10 Nov 2009 15:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19911 Rule 2(i) of the First Schedule to the Companies (Profits) Surtax Act, 1964 permits deduction only of income-tax payable by the company. A deposit made with the Industrial Development Bank of India in lieu of surcharge on income-tax was not treated as tax payment and did not qualify as a deductible amount in computing chargeable profits. The same provision also does not authorise deduction of surtax itself. The stated legal position is that, unless the Schedule expressly allows it, neither a deposit made to relieve surcharge liability nor surtax can be reduced from chargeable profits. Case-Laws Income Tax Fri, 04 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19911