https://www.taxtmi.com/caselaws?id=19049 An undisputed omission to apply the Finance Act, 1968 additional income-tax levy to excess dividend was a mistake apparent from the record and was rectifiable under section 154 of the Income-tax Act, 1961. The levy under clause I(B) of Paragraph F of Part I of the First Schedule applied where the company's dividend exceeded the prescribed level, and the excess dividend determined the amount of income subjected to tax. Dividend declared out of profits exempt under section 80J did not escape the special levy, because the charge operated on a portion of total income rather than on the dividend itself. The reference was answered in favour of the Revenue on all substantive questions. en-us Thu, 14 Jan 1993 00:00:00 +0530 Tue, 03 Nov 2009 16:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19049 An undisputed omission to apply the Finance Act, 1968 additional income-tax levy to excess dividend was a mistake apparent from the record and was rectifiable under section 154 of the Income-tax Act, 1961. The levy under clause I(B) of Paragraph F of Part I of the First Schedule applied where the company's dividend exceeded the prescribed level, and the excess dividend determined the amount of income subjected to tax. Dividend declared out of profits exempt under section 80J did not escape the special levy, because the charge operated on a portion of total income rather than on the dividend itself. The reference was answered in favour of the Revenue on all substantive questions. Case-Laws Income Tax Thu, 14 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19049