https://www.taxtmi.com/caselaws?id=6629 For section 15C of the Income-tax Act, 1922, the profits of a newly established industrial undertaking are to be computed under section 10 alone. Carry-forward losses under section 24 and unabsorbed depreciation are not imported into that limited computation. Dividend exemption under section 15C(4) therefore depends on whether profits existed under the restricted section 10 computation when dividends were paid, not on the undertaking's final assessed net result after the full assessment machinery. On that basis, the shareholders' entitlement to the exemption was recognised. en-us Mon, 02 Aug 1965 00:00:00 +0530 Sun, 06 Feb 2011 01:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6629 For section 15C of the Income-tax Act, 1922, the profits of a newly established industrial undertaking are to be computed under section 10 alone. Carry-forward losses under section 24 and unabsorbed depreciation are not imported into that limited computation. Dividend exemption under section 15C(4) therefore depends on whether profits existed under the restricted section 10 computation when dividends were paid, not on the undertaking's final assessed net result after the full assessment machinery. On that basis, the shareholders' entitlement to the exemption was recognised. Case-Laws Income Tax Mon, 02 Aug 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6629