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1984 (11) TMI 1 - ANDHRA PRADESH HIGH COURT
Banking Company, Reserves, Surtax ... ... ... ... ..... second question in the affirmative, that is to say, in favour of the assessee and against the Revenue. The third question concerns the Revenue s claim for proportionately reducing the capital with reference to the sums deductible under Chapter VI-A of the Income-tax Act, 1961. This question is again settled by a decision of this court in CIT v. Indian Detonators Ltd. 1983 143 ITR 547. Following the ratio of the above judgment, we hold that the Tribunal was correct in holding that the amounts deducted under sections 80G, 80K and 80M of the Income-tax Act, 1961, were not liable to be taken into account for the purpose of making proportionate reduction of capital under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964. We, accordingly, answer the third question in the affirmative, that is to say, in favour of the assessee and against the Revenue. The reference is answered accordingly. The parties shall bear their respective costs. Advocate s fee Rs. 300.
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