https://www.taxtmi.com/caselaws?id=58621 Rule 2(ii) of the First Schedule to the Companies (Profits) Surtax Act, 1964 allowed deduction of foreign tax actually paid in Libya where the related income was included in Indian total income, and the Tribunal held that the deduction could not be limited to only the portion attributable to double taxation; the full tax paid, subject to verification, was deductible. The claimed addition of retention money to capital employed under the Second Schedule was rejected because capital employment had to be computed strictly from the balance-sheet figures contemplated by the statutory schedule, and amounts not credited in the accounts could not be introduced through accounting notes or assumed reserve accretions. en-us Fri, 05 Apr 1991 00:00:00 +0530 Mon, 20 Dec 2010 18:49:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58621 Rule 2(ii) of the First Schedule to the Companies (Profits) Surtax Act, 1964 allowed deduction of foreign tax actually paid in Libya where the related income was included in Indian total income, and the Tribunal held that the deduction could not be limited to only the portion attributable to double taxation; the full tax paid, subject to verification, was deductible. The claimed addition of retention money to capital employed under the Second Schedule was rejected because capital employment had to be computed strictly from the balance-sheet figures contemplated by the statutory schedule, and amounts not credited in the accounts could not be introduced through accounting notes or assumed reserve accretions. Case-Laws Income Tax Fri, 05 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58621