2001 (7) TMI 94 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled that the assessee was not entitled to deduction of surtax payable under the Companies (Profits) Surtax Act, 1964. The court also upheld the disallowance of certain expenses and denied weighted deduction under section 35B for specific expenses. Medical expenses for Group Medical Insurance Scheme were not treated as perquisites for computing disallowance under section 40A(5) of the Income-tax Act, 1961. The court concluded in favor of the Revenue on most issues, except for the treatment of medical expenses, following relevant legal precedents.