1988 (6) TMI 13 - HC - Income Tax

Summary

The High Court of Calcutta rejected the application under section 256(2) of the Income-tax Act, 1961. The court upheld the inclusion of surplus profit under section 13 of the Companies (Profits) Surtax Act, 1964. The Tribunal found the question of whether retained profit is includible to be debatable and ruled in favor of including it in the computation of capital base. The application was rejected, and the rule discharged. No costs were awarded.