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of <h1>Deduct Gross Dividend for Surtax Calculation: High Court Decision</h1> <h3>Commissioner Of Income-Tax Versus RB. Multanimal Modi And Sons</h3> Commissioner Of Income-Tax Versus RB. Multanimal Modi And Sons - [1991] 189 ITR 730 The High Court of Allahabad ruled that the gross dividend, not the net dividend after deductions, was deductible from the total income of the assessee for computing chargeable profits under the Companies (Profits) Surtax Act, 1964. The judgment was delivered by B. P. JEEVAN REDDY C. J. The court answered the question in favor of the Revenue and against the assessee, citing the Distributors (Baroda) P. Ltd. v. Union of India case.
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