Dividend paid or deemed to have been paid by company out of its 'tax holiday' profits - Relief denied to shareholders in the absence of proper certificate re. percentage of tax-free profits - Whether relief under the section should be allowed on production of necessary certificate after expiry of time limit specified under section 154(7) - Order under section 119(2)(b)
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Dividend tax relief hinging on company certificates may be allowed via late rectification applications if properly supported. Shareholder entitlement to dividend tax relief from tax-holiday profits depends on production of company certificates indicating the tax-free percentage of profits. The Board directed that rectification applications supported by such certificates shall be admitted and decided on merits even if filed after the statutory time limit, and that previously rejected cases re-filed be treated similarly; pending appeals or references on the issue may be withdrawn.
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.
Dividend tax relief hinging on company certificates may be allowed via late rectification applications if properly supported.
Shareholder entitlement to dividend tax relief from tax-holiday profits depends on production of company certificates indicating the tax-free percentage of profits. The Board directed that rectification applications supported by such certificates shall be admitted and decided on merits even if filed after the statutory time limit, and that previously rejected cases re-filed be treated similarly; pending appeals or references on the issue may be withdrawn.
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