https://www.taxtmi.com/caselaws?id=56046 Penal interest charged under sections 215 and 216 of the Income-tax Act was held not to form part of "tax" for computation of chargeable profits under the Companies (Profits) Surtax Act, because that expression covers only income-tax and not interest or penalty. The deduction was therefore unavailable under the surtax computation provisions. The further plea that such interest should be allowed on general commercial principles also failed, since chargeable profits must be computed only in the manner prescribed by the Surtax Act and its First Schedule, without expanding deductions beyond the statutory adjustments. en-us Wed, 20 Jul 1983 00:00:00 +0530 Wed, 01 Dec 2010 13:02:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56046 Penal interest charged under sections 215 and 216 of the Income-tax Act was held not to form part of "tax" for computation of chargeable profits under the Companies (Profits) Surtax Act, because that expression covers only income-tax and not interest or penalty. The deduction was therefore unavailable under the surtax computation provisions. The further plea that such interest should be allowed on general commercial principles also failed, since chargeable profits must be computed only in the manner prescribed by the Surtax Act and its First Schedule, without expanding deductions beyond the statutory adjustments. Case-Laws Income Tax Wed, 20 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56046