https://www.taxtmi.com/caselaws?id=35979 For surtax capital computation under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, only income that is wholly excluded from total income falls within the phrase "not includible in total income." Deductions under Chapter VI-A, including sections 80-I and 80J of the Income-tax Act, 1961, are allowed only after income enters the computation of total income and therefore do not reduce capital under rule 4. The distinction between exclusions under Chapter III and deductions under Chapter VI-A supports this construction, so no proportional capital reduction was required on account of those deductions. en-us Thu, 31 Jul 1980 00:00:00 +0530 Thu, 18 Mar 2010 12:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35979 For surtax capital computation under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, only income that is wholly excluded from total income falls within the phrase "not includible in total income." Deductions under Chapter VI-A, including sections 80-I and 80J of the Income-tax Act, 1961, are allowed only after income enters the computation of total income and therefore do not reduce capital under rule 4. The distinction between exclusions under Chapter III and deductions under Chapter VI-A supports this construction, so no proportional capital reduction was required on account of those deductions. Case-Laws Income Tax Thu, 31 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35979