https://www.taxtmi.com/caselaws?id=276829 Dividend credited and received during the relevant accounting year remained taxable as income for that assessment year, because taxability is determined on the facts existing in the completed year. A later resolution requiring refund of the dividend could not change the character of the receipt or reopen the assessment position for that year. The assessment was treated as self-contained, and a subsequent event was held incapable of displacing income that was rightly assessed when received. The assessee's contention for exclusion was therefore rejected. en-us Mon, 26 Sep 1955 00:00:00 +0530 Mon, 19 Nov 2018 10:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276829 Dividend credited and received during the relevant accounting year remained taxable as income for that assessment year, because taxability is determined on the facts existing in the completed year. A later resolution requiring refund of the dividend could not change the character of the receipt or reopen the assessment position for that year. The assessment was treated as self-contained, and a subsequent event was held incapable of displacing income that was rightly assessed when received. The assessee's contention for exclusion was therefore rejected. Case-Laws Income Tax Mon, 26 Sep 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276829