1995 (12) TMI 49

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....r section 256(1) of the Income-tax Act, 1961, for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee was not entitled to a deduction of its liability under the Companies (Profits) Surtax Act, 1964, in computing its income from business under the Income-tax Act, 1961, for the assessment year 1975-76 ? " ....

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....t held : That the tax imposed by the Companies, (Profits) Surtax Act, 1964, is essentially of the same character as income-tax or excess profits tax. Surtax, like excess profits tax, is basically an additional tax levied on the income of a company. It is a tax on so much of the chargeable profits of the previous year as exceeds the statutory deduction at the rate specified in the Act. The Legis....