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1997 (11) TMI 7 - HC - Income TaxThe tax case arises under the provisions of the Companies (Profits) Surtax Act, 1964, and it relates to the assessment year 1973-74. It involves interpretation of clause (v) of rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 - "1. Whether, Tribunal was right in holding that the sum of Rs. 15 lakhs due by the assessee to the Tamil Nadu Industrial Investment Corporation Limited as on July 1, 1971, was includible in the capital base as provided in clause (v) of rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964? - 2. Whether, Tribunal was right in holding that the mortgage loans of Rs. 60 lakhs and Rs. 2,58,981 respectively from the Syndicate Bank and the Punjab National Bank were includible in the capital base in terms of clause (v) of rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964?"
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