https://www.taxtmi.com/caselaws?id=288926 For rebate under the Indian Finance Act, 1949, the expression "dividend declared" in the proviso refers only to the net amount actually distributed to shareholders, not the grossed-up figure including tax deducted at source. The tax paid by the company on its own profits remained part of the company's tax liability and was payable whether or not a dividend was declared, so it could not be treated as part of the dividend merely because income-tax provisions deem it paid by the shareholder for assessment purposes. The relevant amount for deduction was therefore the actual dividend paid. en-us Wed, 24 Jun 1953 00:00:00 +0530 Mon, 06 Jul 2020 11:03:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288926 For rebate under the Indian Finance Act, 1949, the expression "dividend declared" in the proviso refers only to the net amount actually distributed to shareholders, not the grossed-up figure including tax deducted at source. The tax paid by the company on its own profits remained part of the company's tax liability and was payable whether or not a dividend was declared, so it could not be treated as part of the dividend merely because income-tax provisions deem it paid by the shareholder for assessment purposes. The relevant amount for deduction was therefore the actual dividend paid. Case-Laws Income Tax Wed, 24 Jun 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288926