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of <h1>Dividends declared post start of accounting year not deductible from capital base for surtax.</h1> <h3>Commissioner Of Income Tax Versus Indian Potash Limited</h3> Commissioner Of Income Tax Versus Indian Potash Limited - [1998] 232 ITR 532, 95 TAXMANN 63 The High Court of Madras ruled that dividends declared after the first day of the accounting year should not be reduced from the capital base for levy of surtax. This decision was based on a previous Supreme Court ruling in Indian Tube Co. P. Ltd. v. CIT. The court answered the question in the negative and in favor of the Department.
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