https://www.taxtmi.com/caselaws?id=276987 Additional income-tax on excess dividend under clause (ii) of the proviso to paragraph B of the First Schedule to the Finance Act, 1951 applies only where the statutory fiction treats the dividend as coming out of undistributed profits of earlier years that had borne income-tax. Where no such undistributed profits existed and the distributed amounts had not previously suffered tax because they were allowed as depreciation deductions, the deeming provision cannot operate and the prescribed computation method for additional tax fails. In those circumstances, additional income-tax is not leviable. en-us Fri, 09 Sep 1955 00:00:00 +0530 Wed, 21 Nov 2018 17:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276987 Additional income-tax on excess dividend under clause (ii) of the proviso to paragraph B of the First Schedule to the Finance Act, 1951 applies only where the statutory fiction treats the dividend as coming out of undistributed profits of earlier years that had borne income-tax. Where no such undistributed profits existed and the distributed amounts had not previously suffered tax because they were allowed as depreciation deductions, the deeming provision cannot operate and the prescribed computation method for additional tax fails. In those circumstances, additional income-tax is not leviable. Case-Laws Income Tax Fri, 09 Sep 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276987