1994 (1) TMI 62 - HC - Income Tax

Summary

The High Court of Madras ruled on two questions regarding surtax assessment for the year 1976-77. The first question was answered in the affirmative based on a Supreme Court decision. The second question was also answered in the affirmative, stating that terminal allowance under section 32(1)(iii) should not be excluded from chargeable profits for surtax purposes.