https://www.taxtmi.com/caselaws?id=6195 Shareholder exemption under section 15C(4) depended on the industrial undertaking first qualifying for exemption under section 15C(1). In computing the undertaking's profits under section 15C(3), unabsorbed depreciation carried forward under section 10(2)(vi), proviso (b), had to be taken into account along with current depreciation, because the statutory computation followed section 10 without distinguishing between them. As the company had no taxable profits after giving effect to unabsorbed depreciation, it was not entitled to exemption on those profits, and no dividend could be treated as attributable to profits on which tax was not payable. The shareholders therefore could not claim the derivative exemption. en-us Wed, 29 Apr 1970 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6195 Shareholder exemption under section 15C(4) depended on the industrial undertaking first qualifying for exemption under section 15C(1). In computing the undertaking's profits under section 15C(3), unabsorbed depreciation carried forward under section 10(2)(vi), proviso (b), had to be taken into account along with current depreciation, because the statutory computation followed section 10 without distinguishing between them. As the company had no taxable profits after giving effect to unabsorbed depreciation, it was not entitled to exemption on those profits, and no dividend could be treated as attributable to profits on which tax was not payable. The shareholders therefore could not claim the derivative exemption. Case-Laws Income Tax Wed, 29 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6195