https://www.taxtmi.com/caselaws?id=193020 Preferred ordinary shares carrying a 4% return and a right to share in surplus profits were treated as equity shares rather than shares entitled to dividend at a fixed rate, because the return depended on available surplus and was not an enforceable fixed dividend; only preference share capital was excluded in computing excess dividend. The article also notes that omission to apply the mandatory rebate-reduction mechanism was a mistake of law apparent from the record, so rectification was competent, and the notice for enhancement of assessment was sufficient to support the consequential increase in penal interest without a separate notice. en-us Tue, 22 Oct 1963 00:00:00 +0530 Sat, 08 Jul 2017 17:28:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193020 Preferred ordinary shares carrying a 4% return and a right to share in surplus profits were treated as equity shares rather than shares entitled to dividend at a fixed rate, because the return depended on available surplus and was not an enforceable fixed dividend; only preference share capital was excluded in computing excess dividend. The article also notes that omission to apply the mandatory rebate-reduction mechanism was a mistake of law apparent from the record, so rectification was competent, and the notice for enhancement of assessment was sufficient to support the consequential increase in penal interest without a separate notice. Case-Laws Income Tax Tue, 22 Oct 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193020