https://www.taxtmi.com/caselaws?id=21297 For computing chargeable profits under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, dividend income received from another Indian company was deductible only on a net basis after the allowance under section 80M of the Income-tax Act, 1961. The stated reasoning followed the Supreme Court's construction of section 80M and its application by the Calcutta High Court in the surtax computation context. The effect was that the amount to be excluded from total income in computing chargeable profits was not the gross dividend receipt, but only the balance remaining after section 80M deduction. en-us Wed, 11 Nov 1992 00:00:00 +0530 Sat, 21 Nov 2009 13:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21297 For computing chargeable profits under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, dividend income received from another Indian company was deductible only on a net basis after the allowance under section 80M of the Income-tax Act, 1961. The stated reasoning followed the Supreme Court's construction of section 80M and its application by the Calcutta High Court in the surtax computation context. The effect was that the amount to be excluded from total income in computing chargeable profits was not the gross dividend receipt, but only the balance remaining after section 80M deduction. Case-Laws Income Tax Wed, 11 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21297