https://www.taxtmi.com/caselaws?id=8270 For rebate reduction in super-tax under the Finance Act, 1964, the phrase "the whole amount of the dividends" was construed to mean only dividends distributed out of profits chargeable to tax. The State Government's payment under the statutory guarantee was not income, profits or gains of the assessee under the State Financial Corporations Act, 1951, and therefore did not form part of total income for income-tax or super-tax purposes. Although the Companies Act, 1956 permits dividend payment from Government-provided moneys under a guarantee, that funding was excluded from the rebate-reduction base. The rebate reduction was confined to dividends attributable to taxable profits, and Government subvention was left out. en-us Mon, 09 Aug 1971 00:00:00 +0530 Thu, 09 Apr 2009 09:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8270 For rebate reduction in super-tax under the Finance Act, 1964, the phrase "the whole amount of the dividends" was construed to mean only dividends distributed out of profits chargeable to tax. The State Government's payment under the statutory guarantee was not income, profits or gains of the assessee under the State Financial Corporations Act, 1951, and therefore did not form part of total income for income-tax or super-tax purposes. Although the Companies Act, 1956 permits dividend payment from Government-provided moneys under a guarantee, that funding was excluded from the rebate-reduction base. The rebate reduction was confined to dividends attributable to taxable profits, and Government subvention was left out. Case-Laws Income Tax Mon, 09 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8270