TMI Blog1995 (12) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... f this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee was not entitled to a deduction of its liability under the Companies (Profits) Surtax Act, 1964, in computing its income from business under the Income-tax Act, 1961, for the assessment year 1975-76 ? " The relevant assessment year herein is 1975-76. The assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1964, is essentially of the same character as income-tax or excess profits tax. Surtax, like excess profits tax, is basically an additional tax levied on the income of a company. It is a tax on so much of the chargeable profits of the previous year as exceeds the statutory deduction at the rate specified in the Act. The Legislature has imposed an additional levy on the total income of a comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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