1998 (6) TMI 567 - HC - Income Tax

Summary

The Bombay High Court addressed two questions of law in this judgment:
1. The deduction for manufacturing know-how fee paid to Ciba Geigy Ltd. was allowable for the assessment year 1974-75.
2. Surtax payable under the Companies (Profits) Surtax Act was not an allowable expenditure for computing total income.

The Court ruled in favor of the assessee for the first question and in favor of the Revenue for the second question, citing relevant legal precedents.