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2003 (7) TMI 67 - GAUHATI HIGH COURTCompanies (Profits) Surtax Act, 1964 - Computation of Capital - "(1) Whether, Tribunal was justified and correct in law in treating the amount of Rs. 1,43,89,055 as capital reserve forming part of the capital of the assessee under rule 1(iii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964, read with Explanation 1 to rule 2 of the said Second Schedule? - (2) Whether, Tribunal was justified and correct in law in upholding the direction given by the Commissioner of Surtax (Appeals) to the Assessing Officer to include the sum of Rs. 1,43,89,055 in the assessee's capital to determine the statutory deduction for the purpose of its surtax assessment under the Companies (Profits) Surtax Act, 1964?"- we answer the questions in negative in favour of the Revenue.
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