Temporal point 'first day of previous year' clarified as commencement, so capital is computed at opening of that day. The instruction rules that 'the first day of the previous year' means the commencement of that day, so capital under the companies surtax and the cited finance-act provision must be taken from the balance-sheet as at the opening of that day; changes made on that day are not to be included in determining paid-up capital relevant to dividend-related income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Temporal point "first day of previous year" clarified as commencement, so capital is computed at opening of that day.
The instruction rules that "the first day of the previous year" means the commencement of that day, so capital under the companies surtax and the cited finance-act provision must be taken from the balance-sheet as at the opening of that day; changes made on that day are not to be included in determining paid-up capital relevant to dividend-related income.
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