Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1997 (3) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1997 (3) TMI 89 - SC - Income TaxWhether in computing the chargeable profits of the assessee of a previous year, from the total income computed for the year under the Income-tax Act, the adjustment would be made in the case of the assessee in accordance with clause (vi) or clause (x)? Held that:- In the matter of computation of the chargeable profits of the assessee for the purpose of levy of super profits tax under the provisions of the Super Profits Tax Act, 1963, from the total income of the assessee computed for the year in question under the Income-tax Act, it would be entitled to the adjustment of the amount received as interest on securities derived from any security of the Central Government or the State Government as per clause (vi) of rule 1 of the First Schedule inasmuch as the said amount is chargeable under the Income-tax Act under the head "Interest on securities" which was in force at the relevant period and not under clause (x) of rule 1 of the First Schedule to the Super Profits Tax Act as held by the High Court. The impugned judgment of the High Court is accordingly set aside and the first question posed by the Tribunal is answered in favour of the Revenue and against the assessee. The appeal is accordingly allowed.
|