1996 (8) TMI 12

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..... n in T. C. P. Nos. 26 and 27 of 1980, dated January 5, 1981, the Tribunal referred the following two common questions for the opinion of this court : "1. Whether, on the facts and in the circumstances of the case, and having regard to the provisions of Explanation to rule 1 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, the Appellate Tribunal was correct in holding that the .....

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..... he Companies (Profits) Surtax Act, 1964, the Appellate Tribunal was correct in holding that Rs. 3,70,000 and Rs. 2,59,000 for the assessment years 1972-73 and 1973-74 representing dividends declared should not be deducted from the capital for the purpose of surtax assessment ?" A similar question came up for consideration before the Supreme Court in Indian Tube Co. P. Ltd. v. CIT [1992] 194 ITR .....

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