https://www.taxtmi.com/caselaws?id=8745 Dividend exemption provisions are construed to grant rebate on the full gross dividend paid to shareholders, not on dividend reduced by proportionate management expenses. The court rejects reading the term "assessable" from the Fifth Schedule into section 99(1)(iv), holding that making one exemption subject to another does not alter the terms of the first exemption. The statutory scheme aims to prevent double taxation of corporate dividends and to encourage intercorporate investment; accordingly, relief under sections 85, 85A and 235 applies to the gross amount of dividends paid and entitles the assessee to rebate on the gross dividend. en-us Wed, 19 Jul 1972 00:00:00 +0530 Mon, 19 Jan 2026 18:16:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8745 Dividend exemption provisions are construed to grant rebate on the full gross dividend paid to shareholders, not on dividend reduced by proportionate management expenses. The court rejects reading the term "assessable" from the Fifth Schedule into section 99(1)(iv), holding that making one exemption subject to another does not alter the terms of the first exemption. The statutory scheme aims to prevent double taxation of corporate dividends and to encourage intercorporate investment; accordingly, relief under sections 85, 85A and 235 applies to the gross amount of dividends paid and entitles the assessee to rebate on the gross dividend. Case-Laws Income Tax Wed, 19 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8745