https://www.taxtmi.com/caselaws?id=36613 Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 was held to apply only to income, profits and gains that are inherently not includible in total income, and not to amounts reduced by Chapter VI-A deductions under the Income-tax Act, 1961. The court reasoned that Chapter VI-A deductions operate after inclusion in gross total income, and treating them as a capital reduction under rule 4 would create anomalies and a risk of double reduction. On that construction, the Tribunal was justified in cancelling the Commissioner's revision orders under section 16(1), and the references were answered against the Revenue. en-us Tue, 11 Mar 1980 00:00:00 +0530 Tue, 23 Mar 2010 13:45:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36613 Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 was held to apply only to income, profits and gains that are inherently not includible in total income, and not to amounts reduced by Chapter VI-A deductions under the Income-tax Act, 1961. The court reasoned that Chapter VI-A deductions operate after inclusion in gross total income, and treating them as a capital reduction under rule 4 would create anomalies and a risk of double reduction. On that construction, the Tribunal was justified in cancelling the Commissioner's revision orders under section 16(1), and the references were answered against the Revenue. Case-Laws Income Tax Tue, 11 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36613