https://www.taxtmi.com/caselaws?id=59845 A company depositing funds with IDBI under the Companies Deposits (Surcharge on Income-tax) Scheme, 1976 during the relevant financial year could set off that deposit against surcharge for assessment year 1977-78. The Finance Act and the applicable Board circular both treated any deposit made during financial year 1976-77 as reducing the surcharge liability for that assessment year. Because the assessee's deposit was made within that financial year, the timing objection raised by the lower authorities failed, and the disallowance of the set-off was incorrect. en-us Tue, 31 May 1983 00:00:00 +0530 Sat, 01 Jan 2011 14:16:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59845 A company depositing funds with IDBI under the Companies Deposits (Surcharge on Income-tax) Scheme, 1976 during the relevant financial year could set off that deposit against surcharge for assessment year 1977-78. The Finance Act and the applicable Board circular both treated any deposit made during financial year 1976-77 as reducing the surcharge liability for that assessment year. Because the assessee's deposit was made within that financial year, the timing objection raised by the lower authorities failed, and the disallowance of the set-off was incorrect. Case-Laws Income Tax Tue, 31 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59845