https://www.taxtmi.com/caselaws?id=7599 In a dividend-in-specie distribution, grossing up under section 16(2) of the Indian Income-tax Act, 1922 applies only to the dividend actually declared, paid, credited, or distributed by the company. The shareholder's tax credit is limited to the tax actually deducted and remitted on that declared amount, read with sections 18(5) and 49B. The higher market value or money's worth received through the asset distribution does not enlarge the statutory grossing-up base, because the company's accounting and tax obligation extends only to the declared dividend. en-us Wed, 11 Dec 1968 00:00:00 +0530 Thu, 05 Mar 2009 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7599 In a dividend-in-specie distribution, grossing up under section 16(2) of the Indian Income-tax Act, 1922 applies only to the dividend actually declared, paid, credited, or distributed by the company. The shareholder's tax credit is limited to the tax actually deducted and remitted on that declared amount, read with sections 18(5) and 49B. The higher market value or money's worth received through the asset distribution does not enlarge the statutory grossing-up base, because the company's accounting and tax obligation extends only to the declared dividend. Case-Laws Income Tax Wed, 11 Dec 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7599