https://www.taxtmi.com/caselaws?id=22000 A deposit made with the Industrial Development Bank of India under the Finance Act, 1976 scheme in lieu of surcharge on income-tax is not treated as payment of income-tax for deduction under the Companies (Profits) Surtax Act, 1964. Because the deposit is refundable and interest-bearing, it is not an actual payment to the Revenue, and once made, the surcharge liability ceases to be legally payable. Only income-tax that remains legally payable within the First Schedule can be deducted in computing chargeable profits. en-us Thu, 04 Apr 1991 00:00:00 +0530 Sat, 05 Dec 2009 13:33:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22000 A deposit made with the Industrial Development Bank of India under the Finance Act, 1976 scheme in lieu of surcharge on income-tax is not treated as payment of income-tax for deduction under the Companies (Profits) Surtax Act, 1964. Because the deposit is refundable and interest-bearing, it is not an actual payment to the Revenue, and once made, the surcharge liability ceases to be legally payable. Only income-tax that remains legally payable within the First Schedule can be deducted in computing chargeable profits. Case-Laws Income Tax Thu, 04 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22000