https://www.taxtmi.com/caselaws?id=24629 For surtax capital computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, excess depreciation debited in the books but not allowed in assessment is includible in capital, following the Court's earlier view and resulting in treatment favourable to the assessee. The commentary also states that capital computed under rules 1 to 3 is not to be proportionately reduced under rule 4 merely because deductions were allowed under Chapter VI-A of the Income-tax Act, 1961. On both points, the reference was concluded in favour of the assessee on the merits of the capital computation rules. en-us Mon, 11 Jul 1988 00:00:00 +0530 Thu, 21 Jan 2010 13:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24629 For surtax capital computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964, excess depreciation debited in the books but not allowed in assessment is includible in capital, following the Court's earlier view and resulting in treatment favourable to the assessee. The commentary also states that capital computed under rules 1 to 3 is not to be proportionately reduced under rule 4 merely because deductions were allowed under Chapter VI-A of the Income-tax Act, 1961. On both points, the reference was concluded in favour of the assessee on the merits of the capital computation rules. Case-Laws Income Tax Mon, 11 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24629