1967 (9) TMI 12

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....aken into consideration in computing the capital of the applicant-company for the purpose of determining the standard deduction as contemplated in sub-section (9) of section 2 of the Super Profits Tax Act, 1963, and the Schedules mentioned therein ? Section 4 is the charging section of the Act. That section reads as follows : " Subject to the provisions contained in this Act, there shall be charged on every company for every assessment year commencing on and from the 1st day of April, 1963, a tax (in this Act referred to as the super profits tax) in respect of so much of its chargeable profits of the previous year or previous years as the case may be, as exceed the standard deduction, at the rate or rates specified in the Third Schedule. ....

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....all be the sum of the amounts, as on the first day of the previous year relevant to the assessment year, of its paid up share capital and of its reserve, if any, created under the proviso (b) to clause (vib) of sub-section (2) of section 10 of the Indian Income-tax Act, 1922 (11 of 1922), or under sub-section (3) of section 34 of the Income-tax Act, 1961 (43 of 1961), and of its other reserves in so far as the amounts credited to such other reserves have not been allowed in computing its profits for the purposes of the Indian Income-tax Act, 1922 (11 of 1922), or the Income-tax Act, 1961 (43 of 1961), diminished by the amount by which the cost to it of the assets the income from which in accordance with clause (iii) or clause (vi) or clause....