https://www.taxtmi.com/caselaws?id=24050 Surtax liability was not deductible in computing taxable income under sections 28 and 37, following earlier authority against the assessee. For section 80J capital computation, debts owed and liabilities had to be adjusted against assets, in line with the Supreme Court ruling in Lohia Machines Ltd. v. Union of India, so the Revenue's view prevailed on that point. Commission paid to the assessee's sole selling agency firm was not treated as expenditure covered by section 40(c), and no disallowance was attracted under that provision. en-us Thu, 24 Nov 1988 00:00:00 +0530 Sat, 16 Jan 2010 12:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24050 Surtax liability was not deductible in computing taxable income under sections 28 and 37, following earlier authority against the assessee. For section 80J capital computation, debts owed and liabilities had to be adjusted against assets, in line with the Supreme Court ruling in Lohia Machines Ltd. v. Union of India, so the Revenue's view prevailed on that point. Commission paid to the assessee's sole selling agency firm was not treated as expenditure covered by section 40(c), and no disallowance was attracted under that provision. Case-Laws Income Tax Thu, 24 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24050