https://www.taxtmi.com/caselaws?id=60672 Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act does not apply where a non-resident shipping company's income is computed under section 44B of the Income-tax Act on a special statutory basis. In that setting, the company's profits and gains are not to be apportioned by reference to the ratio of Indian income to world income for surtax capital computation. The capital base must instead be computed under the other applicable provisions of the Second Schedule, namely rules 1 to 3 as relevant, rather than under rule 4. en-us Tue, 27 May 1986 00:00:00 +0530 Fri, 07 Jan 2011 15:25:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60672 Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act does not apply where a non-resident shipping company's income is computed under section 44B of the Income-tax Act on a special statutory basis. In that setting, the company's profits and gains are not to be apportioned by reference to the ratio of Indian income to world income for surtax capital computation. The capital base must instead be computed under the other applicable provisions of the Second Schedule, namely rules 1 to 3 as relevant, rather than under rule 4. Case-Laws Income Tax Tue, 27 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60672