1995 (2) TMI 22

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..... of Distributors (Baroda) P. Ltd. v. Union of India [1985] 155 ITR 120 and the judgment of this court in Virudhunagar Textile Mills Ltd. (Tax Cases Nos. 136 and 137 of 1979) (order dated June 19, 1986), under which, it has been pointed out that it will be right in law in holding that in arriving at the chargeable profit for purposes of surtax assessment, under the Companies (Profits) Surtax Act, 19 .....

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..... ncome after allowance of relief under section 80M of the Income-tax Act, 1961, has to be answered against the assessee and in favour of the Revenue. The second question, whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the capital computed under the Companies (Profits) Surtax Act, should not be reduced in proportion to the relief allowe .....

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