2005 (1) TMI 72

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..... uld not be considered as sums 'not includible' in the total income for income-tax assessments and, therefore, would not fall for deduction under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 for the purpose of computing the capital employed?" - question referred by the Tribunal is answered against the Revenue and in favour of the assessee. - - - - - Dated:- 17-1-2005 .....

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..... be considered as sums 'not includible' in the total income for income-tax assessments and, therefore, would not fall for deduction under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 for the purpose of computing the capital employed?" We have heard learned counsel for the parties and perused the record. In our opinion, it is not necessary to dispose of the reference .....

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