Forgot password
New User/ Regiser
⇒ Register to get Live Demo
1996 (4) TMI 2 - SC - Income Tax
Whether the tax levied under the Companies Profits (Surtax) Act, 1964, is "a tax levied on the profits or gains of any business or profession or assessed at a proportion of or otherwise on the basis of any such profits or gains", as contemplated by the said sub-clause - Held that the surtax levied falls within the mischief of section 40(a) (ii) & cannot be allowed as a deduction while computing the business income of the assessee under the provisions of the Income-tax Act