1994 (3) TMI 53 - HC - Income Tax

Summary

The High Court of Gujarat ruled that a deposit made with the Industrial Development Bank of India in lieu of surcharge on income tax is not deductible from chargeable profits under the Companies (Profits) Surtax Act. Additionally, the court held that surtax payable under the Act is also not deductible while computing chargeable profits. The judgment was in favor of the Revenue and against the assessee.