Law: Income Tax Act, 1961

Section: 80

Income-tax-----Income-tax company---Surtax---Computation of capital---Deductions in respect of donations interest on certain securities and dividends and intercorporate dividends not to be taken into account to diminish capital---Indian Companies (Profits) Surtax Act, 1946, Sched. II, R.4---Indian Income Tax Act, 1961, Ss.80G, 80L & 80M. From the decision of the Madras High Court in CIT v. Madras Auto Service P. Ltd. (1985) 156 ITR 828 to the effect that the amounts deducted under the provisions of section 80G (donations), section 80L (interest on certain securities and dividends) and section 80M (inter-corporate dividends) of the Income Tax Act, 1961, formed part of the total income of the respondent ¬company and the capital of the company was not to be reduced by the amounts referable to such deductions under rule 4 of the Second Schedule to the Companies, (Profits) Surtax Act, 1964, the Department preferred an appeal to the Supreme Court. The Supreme Court dismissed the appeal along with other similar appeals. Second ITO…

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