1994 (1) TMI 62

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....Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the capital should not be reduced proportionately in terms of rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, consequent to the deductions allowed under Chapter VI-A of the Income-tax Act, 1961, in the surtax assessment for the assessment year 1976-77 ? (2) Wheth....

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.... the two situations. The main purpose of Schedule I is to ascertain the business profits of the company as determined in the income-tax assessment and make certain adjustments with regard to certain amounts included therein which do not really form part of the business profit. It was for that reason that sub-rule (iv) excludes profit under section 41(2), because that profit which is brought to tax....