https://www.taxtmi.com/caselaws?id=24077 For computing chargeable profits under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the expression "income by way of dividends" refers to dividend income as a category and not merely the net amount left after applying the section 80M exemption under the Income-tax Act, 1961. The relevant exclusion is therefore the gross dividend income, because the surtax computation scheme contemplates deduction of dividend income in the form in which it is received, rather than only the portion that entered taxable total income after income-tax adjustments. en-us Thu, 01 Dec 1988 00:00:00 +0530 Sat, 16 Jan 2010 15:13:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24077 For computing chargeable profits under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the expression "income by way of dividends" refers to dividend income as a category and not merely the net amount left after applying the section 80M exemption under the Income-tax Act, 1961. The relevant exclusion is therefore the gross dividend income, because the surtax computation scheme contemplates deduction of dividend income in the form in which it is received, rather than only the portion that entered taxable total income after income-tax adjustments. Case-Laws Income Tax Thu, 01 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24077