https://www.taxtmi.com/caselaws?id=150994 Additional income-tax under the Indian Finance Act, 1951 could not be levied on a company that had no taxable total income in the relevant accounting year merely because it declared an excess dividend. The court read the charging scheme as confined to total income chargeable under the Indian Income-tax Act, 1922, and construed the proviso in paragraph B of Part I of the First Schedule as operating only where profits existed that were liable to tax and from which dividends were paid. The language could not be extended by implication to create a tax on earlier years' income or on a notional basis without clear statutory words. en-us Fri, 09 Sep 1955 00:00:00 +0530 Mon, 27 May 2013 11:59:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150994 Additional income-tax under the Indian Finance Act, 1951 could not be levied on a company that had no taxable total income in the relevant accounting year merely because it declared an excess dividend. The court read the charging scheme as confined to total income chargeable under the Indian Income-tax Act, 1922, and construed the proviso in paragraph B of Part I of the First Schedule as operating only where profits existed that were liable to tax and from which dividends were paid. The language could not be extended by implication to create a tax on earlier years' income or on a notional basis without clear statutory words. Case-Laws Income Tax Fri, 09 Sep 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150994