Law:

Section:

Schedule II Rule 4 of the Companies (Profits) Surtax Act, 1964 - Computation of capital - Whether while computing capital under rule 4, capital of company should not be reduced in proportion to deduction allowed under Chapter VI-A viz under section 80-I of Income-tax Act, 1961 - Held, yes FACTS The Tribunal held that while computing the capital under rule 4, the capital of the company should not be reduced in proportion to the deduction allowed under Chapter VI-A, viz., under section 80-I of the Income-tax Act, 1961. On reference : HELD In view of the in CIT v. Century Spg. And Mfg. Co. Ltd. [1978] 111 ITR 6 (Bom.) the order passed by the Tribunal was to be affirmed. Note: The case was decided in favour of the assessee. CASE REVIEW CIT v. Century Spg. and Mfg. Co. Ltd. [1978] 111 ITR 6 (Bom.) followed & relied upon. CASES REFERRED TO CIT v. Century Spg. & Mfg. Co. Ltd. [1978] 111 ITR 6 (Bom). Dr. V.…

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