https://www.taxtmi.com/caselaws?id=21259 For computation of chargeable profits under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, only the dividend income actually included in total income under the Income-tax Act after permissible deductions is excluded, not the gross dividend. The Court treated "income by way of dividends" as linked to the amount already computed for income-tax purposes, reasoning that the surtax computation cannot give a double benefit by excluding more than what formed part of total income. The Explanation inserted from 1 April 1981 was regarded as clarificatory of the existing rule, not as creating a new principle. en-us Mon, 23 Mar 1992 00:00:00 +0530 Sat, 21 Nov 2009 11:24:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21259 For computation of chargeable profits under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, only the dividend income actually included in total income under the Income-tax Act after permissible deductions is excluded, not the gross dividend. The Court treated "income by way of dividends" as linked to the amount already computed for income-tax purposes, reasoning that the surtax computation cannot give a double benefit by excluding more than what formed part of total income. The Explanation inserted from 1 April 1981 was regarded as clarificatory of the existing rule, not as creating a new principle. Case-Laws Income Tax Mon, 23 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21259