1997 (10) TMI 10

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.... instance of the assessee as well as at the instance of the Revenue. The Tribunal at the instance of both the assessee and the Revenue has stated a case and referred the following questions of law for our opinion under s. 256(1) of the IT Act, 1961 (hereinafter referred to as 'the Act'), for the asst. yr. 1974-75. "1. Whether, on the facts and in the circumstances of the case, the Tribunal was r....

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....n of the company's business income came up for consideration before the Supreme Court in the case of Smith Kline & French (I) Ltd. vs. CIT (1996) 132 CTR (SC) 500 : (1996) 219 ITR 581 (SC) and the apex Court in that case held that the surtax levied on the company's profit cannot be allowed as deduction while computing the business income of the assessee as per the provisions of the IT Act, 1961. F....