2000 (7) TMI 49 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the assessee, stating that deductions under section 80-I of the Income-tax Act are deductible in the computation of the capital of the company under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act. The decision was based on a previous ruling by the Karnataka High Court, affirmed by the apex court. The references were disposed of accordingly.