https://www.taxtmi.com/caselaws?id=7671 Section 23A of the Income-tax Act, 1922 was read by reference to the relevant previous year and the dividend distribution period extending 12 months beyond its expiry. The applicable statutory percentage was held to be the pre-amendment rate, because the Finance Act, 1959 enhancement to 50 per cent. and 65 per cent. was expressly effective only from 1 April 1960 and could not operate earlier by implication. On the dividend shortfall question, the computation was tested on that basis, and the Tribunal's treatment of processing receipts and distributable surplus was not found to warrant interference; the shortfall was treated as within the 5 per cent. margin for further dividend declaration. en-us Fri, 18 Jul 1969 00:00:00 +0530 Tue, 17 Mar 2009 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7671 Section 23A of the Income-tax Act, 1922 was read by reference to the relevant previous year and the dividend distribution period extending 12 months beyond its expiry. The applicable statutory percentage was held to be the pre-amendment rate, because the Finance Act, 1959 enhancement to 50 per cent. and 65 per cent. was expressly effective only from 1 April 1960 and could not operate earlier by implication. On the dividend shortfall question, the computation was tested on that basis, and the Tribunal's treatment of processing receipts and distributable surplus was not found to warrant interference; the shortfall was treated as within the 5 per cent. margin for further dividend declaration. Case-Laws Income Tax Fri, 18 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7671