1994 (3) TMI 53

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.... R. K. ABICHANDANI J.--The Income-tax Appellate Tribunal, Ahmedabad Bench "C", has referred for the opinion of this court the following questions under section 18 of the Companies (Profits) Surtax Act read with section 256(1) of the Income-tax Act, 1961 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the sum of Rs. 74,693 deposit....

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....of India cannot be treated as tax paid. The deposit essentially differs from payment of tax and though the liability to pay the surcharge is taken away by making the deposit with the Industrial Development Bank of India, it cannot be treated as any deemed payment of surcharge. Further, such deposit results in removing the liability of making the payment of surcharge and the tax ceases to be payabl....