https://www.taxtmi.com/caselaws?id=20146 Under the Companies (Profits) Surtax Act, 1964, dividend income excluded in computing chargeable profits under the First Schedule is the net dividend after permissible deductions under the Income-tax Act, not the gross receipt. The expression "income by way of dividends" is read as part of total income already computed under the Income-tax Act, so the exclusion applies only to dividend income remaining after sections 80K and 80M deductions. For capital computation under rule 4 of the Second Schedule, Chapter VI-A deductions do not convert includible income into income not includible in total income; they are deductions or reliefs and do not trigger reduction of capital. en-us Mon, 17 Jan 1994 00:00:00 +0530 Thu, 12 Nov 2009 10:52:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20146 Under the Companies (Profits) Surtax Act, 1964, dividend income excluded in computing chargeable profits under the First Schedule is the net dividend after permissible deductions under the Income-tax Act, not the gross receipt. The expression "income by way of dividends" is read as part of total income already computed under the Income-tax Act, so the exclusion applies only to dividend income remaining after sections 80K and 80M deductions. For capital computation under rule 4 of the Second Schedule, Chapter VI-A deductions do not convert includible income into income not includible in total income; they are deductions or reliefs and do not trigger reduction of capital. Case-Laws Income Tax Mon, 17 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20146