https://www.taxtmi.com/caselaws?id=28630 Additional surcharge under the Finance Act, 1963 was held leviable on banking income even though the income was exempt from income-tax under section 81 of the Income-tax Act, 1961. The surcharge was treated as a distinct charge computed on residual income under the First Schedule, and section 3 of the Finance Act directed that it be ignored only for computing relief, rebate or deduction in respect of income-tax. Following the Supreme Court ruling, the Court held that liability to additional surcharge did not depend on liability to income-tax or super-tax. The reference was answered against the assessee. en-us Tue, 20 Apr 1982 00:00:00 +0530 Wed, 24 Feb 2010 14:50:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28630 Additional surcharge under the Finance Act, 1963 was held leviable on banking income even though the income was exempt from income-tax under section 81 of the Income-tax Act, 1961. The surcharge was treated as a distinct charge computed on residual income under the First Schedule, and section 3 of the Finance Act directed that it be ignored only for computing relief, rebate or deduction in respect of income-tax. Following the Supreme Court ruling, the Court held that liability to additional surcharge did not depend on liability to income-tax or super-tax. The reference was answered against the assessee. Case-Laws Income Tax Tue, 20 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28630