https://www.taxtmi.com/caselaws?id=20491 A statutory deposit made under the Finance Act, 1976, which extinguished the liability to surcharge, was not itself payment of surcharge or income-tax and therefore could not be deducted while computing chargeable profits under the Companies (Profits) Surtax Act, 1964. On that basis, the rectification order under section 13 was held valid because the original computation had wrongly allowed deduction of an amount that was no longer a payable tax. The deposit under section 2(8) was treated as a refundable alternative mode of discharging surcharge liability, not as tax actually paid under rule 2(i) of the First Schedule. The reference was answered for the Revenue. en-us Thu, 13 Jan 1994 00:00:00 +0530 Sat, 14 Nov 2009 12:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20491 A statutory deposit made under the Finance Act, 1976, which extinguished the liability to surcharge, was not itself payment of surcharge or income-tax and therefore could not be deducted while computing chargeable profits under the Companies (Profits) Surtax Act, 1964. On that basis, the rectification order under section 13 was held valid because the original computation had wrongly allowed deduction of an amount that was no longer a payable tax. The deposit under section 2(8) was treated as a refundable alternative mode of discharging surcharge liability, not as tax actually paid under rule 2(i) of the First Schedule. The reference was answered for the Revenue. Case-Laws Income Tax Thu, 13 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20491