https://www.taxtmi.com/caselaws?id=193020 For rebate reduction under the Finance Act, 1956, paid-up capital is excluded only where it carries an enforceable dividend fixed in law. Preferred ordinary shares carrying a 4% preferential return and participation in surplus profits remain a sub-class of equity shares where the return depends on available surplus and may vary; they are therefore not fixed-rate dividend shares. Only preference share capital is excluded when computing excess dividend. Rectification under section 35 of the Income-tax Act, 1922 extends to an omitted mandatory rebate reduction as a mistake of law apparent from the record. A notice for assessment enhancement also supports the consequential increase in penal interest without 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 For rebate reduction under the Finance Act, 1956, paid-up capital is excluded only where it carries an enforceable dividend fixed in law. Preferred ordinary shares carrying a 4% preferential return and participation in surplus profits remain a sub-class of equity shares where the return depends on available surplus and may vary; they are therefore not fixed-rate dividend shares. Only preference share capital is excluded when computing excess dividend. Rectification under section 35 of the Income-tax Act, 1922 extends to an omitted mandatory rebate reduction as a mistake of law apparent from the record. A notice for assessment enhancement also supports the consequential increase in penal interest without separate notice. Case-Laws Income Tax Tue, 22 Oct 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193020