https://www.taxtmi.com/caselaws?id=22208 Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 was held to cover income of a non-resident company accruing or arising outside India, because such income is outside "total income" under section 2(45) read with section 5(2) of the Income-tax Act, 1961. The expression "income, profits and gains ... not includible in its total income" is therefore not confined to amounts expressly excluded by section 10. The prescribed surtax return form and notes also treated foreign income of a non-resident as income not includible in total income. The Tribunal's approach in computing capital was upheld in favour of the assessee. en-us Tue, 19 Dec 1989 00:00:00 +0530 Tue, 08 Dec 2009 11:01:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22208 Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 was held to cover income of a non-resident company accruing or arising outside India, because such income is outside "total income" under section 2(45) read with section 5(2) of the Income-tax Act, 1961. The expression "income, profits and gains ... not includible in its total income" is therefore not confined to amounts expressly excluded by section 10. The prescribed surtax return form and notes also treated foreign income of a non-resident as income not includible in total income. The Tribunal's approach in computing capital was upheld in favour of the assessee. Case-Laws Income Tax Tue, 19 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22208