https://www.taxtmi.com/caselaws?id=24624 Retained profits were held includible in the capital base for surtax computation, and the lower authorities were found wrong in excluding them under section 13 of the Companies (Profits) Surtax Act, 1964. The question was also correctly treated as debatable rather than a mistake apparent from the record for the purpose of section 256(2) of the Income-tax Act, 1961. The Calcutta High Court agreed with the Tribunal's reasoning and refused the Revenue's request for relief. en-us Mon, 13 Jun 1988 00:00:00 +0530 Thu, 21 Jan 2010 12:56:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24624 Retained profits were held includible in the capital base for surtax computation, and the lower authorities were found wrong in excluding them under section 13 of the Companies (Profits) Surtax Act, 1964. The question was also correctly treated as debatable rather than a mistake apparent from the record for the purpose of section 256(2) of the Income-tax Act, 1961. The Calcutta High Court agreed with the Tribunal's reasoning and refused the Revenue's request for relief. Case-Laws Income Tax Mon, 13 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24624