1996 (6) TMI 108

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....ulations:- Assessed income                       19,66,180 Income-tax                            12,38,693                                      -----------                            &nb....

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....bsp;              ------------                                          6,394                                     ------------ 2. The Assessing Officer and on appeal learned CIT(A) did not allow deduction of the surtax while computing distributable profits as in their view, surtax was not deductible under ....

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....be deducted while computing distributable profits also. This decision though given under a different statute does not support the case pleaded by the assessee as clause (b) of sub-section (1) of section 23A is quite similar to clause (b) of sub-section (1) of section 109 of Income-tax Act, 1961 now pressed before us (omitted w.e.f. 1-4-1988) but then in above decision, the Court was not concerned with section 15 of Companies (Profits) Surtax Act. 4. In Molins of India Ltd.'s case which case was later decided by Hon'ble Calcutta High Court, the Court took into account section 15 of the Surtax Act and observed as under at page 33 of the Report:- "If we accept the contention made on behalf of the assessee and hold that the surtax payable by ....