https://www.taxtmi.com/caselaws?id=58859 Rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 applies to assets falling within the specified categories by description, and their cost must be reduced in computing capital even if they did not yield income during the relevant year. The operation of the rule does not depend on actual receipt of income in that year, because the capital computation scheme is aimed at avoiding artificial year-to-year fluctuation. ICICI debentures, however, did not fall within the excluded asset categories linked to clauses (iii), (vi) or (viii) of rule 1 of the First Schedule, so their cost was not required to be excluded from the capital base. en-us Wed, 12 Jun 1985 00:00:00 +0530 Wed, 22 Dec 2010 15:14:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58859 Rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 applies to assets falling within the specified categories by description, and their cost must be reduced in computing capital even if they did not yield income during the relevant year. The operation of the rule does not depend on actual receipt of income in that year, because the capital computation scheme is aimed at avoiding artificial year-to-year fluctuation. ICICI debentures, however, did not fall within the excluded asset categories linked to clauses (iii), (vi) or (viii) of rule 1 of the First Schedule, so their cost was not required to be excluded from the capital base. Case-Laws Income Tax Wed, 12 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58859