https://www.taxtmi.com/caselaws?id=26792 Surtax paid under the Companies (Profits) Surtax Act, 1964 was treated by the majority as a charge on profits after they are earned and therefore not expenditure laid out wholly and exclusively for business purposes under section 37 of the Income-tax Act, 1961; the deduction was disallowed and the Revenue succeeded. The majority further held that the statutory scheme, including section 15 of the Surtax Act, reinforced the conclusion that surtax is not deductible business expenditure, making it unnecessary to rely solely on section 40(a)(ii). A dissenting judge considered surtax deductible as an incident of carrying on business. en-us Tue, 28 Jan 1986 00:00:00 +0530 Mon, 08 Feb 2010 15:03:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26792 Surtax paid under the Companies (Profits) Surtax Act, 1964 was treated by the majority as a charge on profits after they are earned and therefore not expenditure laid out wholly and exclusively for business purposes under section 37 of the Income-tax Act, 1961; the deduction was disallowed and the Revenue succeeded. The majority further held that the statutory scheme, including section 15 of the Surtax Act, reinforced the conclusion that surtax is not deductible business expenditure, making it unnecessary to rely solely on section 40(a)(ii). A dissenting judge considered surtax deductible as an incident of carrying on business. Case-Laws Income Tax Tue, 28 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26792