1985 (2) TMI 3 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the taxpayer on both questions referred by the Income-tax Appellate Tribunal regarding the computation of chargeable profits for surtax purposes. The first question was answered based on a previous court decision in CIT v. Sundaram Industries (P.) Ltd. [1985] 151 ITR 769, while the second question was answered in line with the decision in Addl. CIT v. Madras Motor and General Insurance Co. Ltd. [1979] 117 ITR 354. No costs were awarded.