TMI Blog2003 (4) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... . It was in response to the notice issued under section 8(a) of the Companies (Profits) Surtax Act, 1964 – Held that interest on the sticky loans cannot be included in the income-tax and accordingly, no surcharge can be included for the purpose of surtax. - There is no merit in the appeal. It is hereby dismissed. - - - - - Dated:- 22-4-2003 - Judge(s) : SUDHIR NARAIN., D. P. GUPTA. JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 86-87 it was partly allowed. The Department preferred a ST Appeal No.4 of 1987, in respect of the assessment year 1986-87 on the ground that the appellate authority was not justified in directing the assessment of the assessee as per the order of the Commissioner of Income-tax (Appeals) and has worked out the charge of disputed amount at Rs. 84.44 lakhs only. The Tribunal had held that the interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporation v. CIT [1994] 210 ITR 129 (SC) has been specifically overruled in UCO Bank v. CIT [1999] 237 ITR 889 (SC). The Companies (Profits) Surtax Act, 1964, defines chargeable profits as under: "2(5) 'chargeable profits' means the total income of an assessee computed under the Income-tax Act, 1961 (43 of 1961), for any previous year or years, as the case may be, and adjusted in accordance ..... X X X X Extracts X X X X X X X X Extracts X X X X
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