https://www.taxtmi.com/caselaws?id=37897 For rule 2(i) of the First Schedule to the Super Profits Tax Act, 1963, "income-tax" means only the tax levied under the charging provision of the Income-tax Act, 1961. Penalty imposed under section 271(1)(a) is distinct from income-tax, because the statutory scheme separately treats tax, penalty, interest and fine. The phrase in rule 2(i) was not construed broadly enough to include penalty merely because it arises in connection with tax liability. On that construction, penalty paid or payable under section 271(1)(a) is not deductible as income-tax for super profits tax computation. en-us Mon, 04 Sep 1978 00:00:00 +0530 Thu, 01 Apr 2010 16:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37897 For rule 2(i) of the First Schedule to the Super Profits Tax Act, 1963, "income-tax" means only the tax levied under the charging provision of the Income-tax Act, 1961. Penalty imposed under section 271(1)(a) is distinct from income-tax, because the statutory scheme separately treats tax, penalty, interest and fine. The phrase in rule 2(i) was not construed broadly enough to include penalty merely because it arises in connection with tax liability. On that construction, penalty paid or payable under section 271(1)(a) is not deductible as income-tax for super profits tax computation. Case-Laws Income Tax Mon, 04 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37897