Deductibility of income tax on excess dividends not allowable for company surtax, prompting review of completed assessments. Deduction of income-tax on distribution of excess dividends is not allowable when computing chargeable profits for the Companies (Profits) surtax; Revenue Audit identified under-charges where this exclusion under Rule 2(i)(b) was not applied, and officers are directed to review completed assessments and report, ensuring corrective action is not time barred.
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.
Deductibility of income tax on excess dividends not allowable for company surtax, prompting review of completed assessments.
Deduction of income-tax on distribution of excess dividends is not allowable when computing chargeable profits for the Companies (Profits) surtax; Revenue Audit identified under-charges where this exclusion under Rule 2(i)(b) was not applied, and officers are directed to review completed assessments and report, ensuring corrective action is not time barred.
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