https://www.taxtmi.com/caselaws?id=23286 The court held that the average rate of income-tax for computing relief under section 85A on inter-corporate dividends should include capital gains as part of total income, contrary to the assessee's argument. The court emphasized that the definition of "income" under section 2(24) encompasses capital gains, and the average rate should be calculated as per section 2(10). The court rejected the contention that including capital gains would lead to varying tax rates among companies, clarifying that section 85A provides for a deduction mechanism, not a fixed tax rate. en-us Fri, 08 Sep 1989 00:00:00 +0530 Fri, 18 Dec 2009 11:23:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23286 The court held that the average rate of income-tax for computing relief under section 85A on inter-corporate dividends should include capital gains as part of total income, contrary to the assessee's argument. The court emphasized that the definition of "income" under section 2(24) encompasses capital gains, and the average rate should be calculated as per section 2(10). The court rejected the contention that including capital gains would lead to varying tax rates among companies, clarifying that section 85A provides for a deduction mechanism, not a fixed tax rate. Case-Laws Income Tax Fri, 08 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23286