https://www.taxtmi.com/caselaws?id=37755 A company in liquidation was treated as outside the effective working of the Super Profits Tax Act, 1963, because the standard deduction depended on capital computed from identifiable share capital and reserves. The Act's capital-based formula could not be applied where liquidation accounts showed only a consolidated liquidator's fund and not the capital structure of a going concern. Read with the Companies Act and the Companies (Court) Rules, the scheme did not permit splitting the liquidation fund into capital and profits for super profits tax purposes. The answer to the referred question was therefore in favour of the assessee and against the revenue. en-us Tue, 30 Jan 1979 00:00:00 +0530 Wed, 31 Mar 2010 17:47:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37755 A company in liquidation was treated as outside the effective working of the Super Profits Tax Act, 1963, because the standard deduction depended on capital computed from identifiable share capital and reserves. The Act's capital-based formula could not be applied where liquidation accounts showed only a consolidated liquidator's fund and not the capital structure of a going concern. Read with the Companies Act and the Companies (Court) Rules, the scheme did not permit splitting the liquidation fund into capital and profits for super profits tax purposes. The answer to the referred question was therefore in favour of the assessee and against the revenue. Case-Laws Income Tax Tue, 30 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37755