https://www.taxtmi.com/caselaws?id=23910 Surtax paid under the Companies (Profits) Surtax Act, 1964 was held deductible in computing income under the Income-tax Act, 1961 because it was a statutory levy incurred in the course of business and did not fall within the prohibition in section 40(a)(ii). The Court treated the absence of an express deduction bar in the surtax statute as immaterial, since deductibility depended on whether the Income-tax Act expressly disallowed it. The surtax was therefore allowable as business expenditure under section 37, and the assessee's claim succeeded. en-us Wed, 26 Apr 1989 00:00:00 +0530 Fri, 15 Jan 2010 11:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23910 Surtax paid under the Companies (Profits) Surtax Act, 1964 was held deductible in computing income under the Income-tax Act, 1961 because it was a statutory levy incurred in the course of business and did not fall within the prohibition in section 40(a)(ii). The Court treated the absence of an express deduction bar in the surtax statute as immaterial, since deductibility depended on whether the Income-tax Act expressly disallowed it. The surtax was therefore allowable as business expenditure under section 37, and the assessee's claim succeeded. Case-Laws Income Tax Wed, 26 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23910