https://www.taxtmi.com/caselaws?id=28573 Depreciation was not available on capital assets used for scientific research after full deduction had already been allowed under section 35, following retrospective amendment of the provision. Surtax payable under the Companies (Profits) Surtax Act, 1964 was treated as a tax on chargeable profits and therefore not deductible in computing business income. Interest payable under section 220(2) of the Income-tax Act, 1961 was regarded as a tax-related charge incurred for delayed payment and not an allowable business deduction. By contrast, section 40A(5) was held applicable to remuneration paid to directors in the assessee's favour. en-us Wed, 14 Sep 1983 00:00:00 +0530 Tue, 23 Feb 2010 17:46:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28573 Depreciation was not available on capital assets used for scientific research after full deduction had already been allowed under section 35, following retrospective amendment of the provision. Surtax payable under the Companies (Profits) Surtax Act, 1964 was treated as a tax on chargeable profits and therefore not deductible in computing business income. Interest payable under section 220(2) of the Income-tax Act, 1961 was regarded as a tax-related charge incurred for delayed payment and not an allowable business deduction. By contrast, section 40A(5) was held applicable to remuneration paid to directors in the assessee's favour. Case-Laws Income Tax Wed, 14 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28573