https://www.taxtmi.com/caselaws?id=20533 Interim dividends declared during the accounting year were treated as amounts to be reduced from the general reserve when computing the capital base under the Second Schedule to the Companies (Profits) Surtax Act, 1964. The computation was held to depend on the statutory scheme, not on the assessee's accounting treatment in the books. The fact that the dividend was declared by the board as an interim dividend, rather than at a general meeting, was stated to make no difference for surtax purposes. Prior decisions were followed to support deduction of dividends declared from the opening general reserve. en-us Fri, 05 Mar 1993 00:00:00 +0530 Sat, 14 Nov 2009 15:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20533 Interim dividends declared during the accounting year were treated as amounts to be reduced from the general reserve when computing the capital base under the Second Schedule to the Companies (Profits) Surtax Act, 1964. The computation was held to depend on the statutory scheme, not on the assessee's accounting treatment in the books. The fact that the dividend was declared by the board as an interim dividend, rather than at a general meeting, was stated to make no difference for surtax purposes. Prior decisions were followed to support deduction of dividends declared from the opening general reserve. Case-Laws Income Tax Fri, 05 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20533