https://www.taxtmi.com/caselaws?id=9271 Section 49B relief for dividends attributable to profits assessed to agricultural income-tax is computed strictly under the statutory formula and is not limited by the shareholder's overall tax payable on total income. For a shareholder company, clause (b)(ii) allows a reduction of twenty per cent of the portion of dividend attributable to such taxed profits, or the amount otherwise permitted by the section, whichever is less. The Kerala HC held that the deduction could be claimed even where it exceeded the tax otherwise payable on the shareholder's total income, and answered the reference in favour of the assessee. en-us Wed, 14 Mar 1973 00:00:00 +0530 Sun, 21 Jun 2009 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9271 Section 49B relief for dividends attributable to profits assessed to agricultural income-tax is computed strictly under the statutory formula and is not limited by the shareholder's overall tax payable on total income. For a shareholder company, clause (b)(ii) allows a reduction of twenty per cent of the portion of dividend attributable to such taxed profits, or the amount otherwise permitted by the section, whichever is less. The Kerala HC held that the deduction could be claimed even where it exceeded the tax otherwise payable on the shareholder's total income, and answered the reference in favour of the assessee. Case-Laws Income Tax Wed, 14 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9271