https://www.taxtmi.com/caselaws?id=24100 For surtax computation under the Companies (Profits) Surtax Act, 1964, dividend exclusion under rule 1(viii) was treated in line with the earlier binding interpretation, and the contrary Revenue view that the gross dividend had to be retained was rejected. Deductions under sections 80K and 80M of the Income-tax Act, 1961 were also held not to constitute sums not includible in total income for rule 4 of the Second Schedule, so they could not be deducted while computing capital employed. The reference therefore stood answered in favour of the assessee on both issues. en-us Fri, 02 Dec 1988 00:00:00 +0530 Sat, 16 Jan 2010 16:27:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24100 For surtax computation under the Companies (Profits) Surtax Act, 1964, dividend exclusion under rule 1(viii) was treated in line with the earlier binding interpretation, and the contrary Revenue view that the gross dividend had to be retained was rejected. Deductions under sections 80K and 80M of the Income-tax Act, 1961 were also held not to constitute sums not includible in total income for rule 4 of the Second Schedule, so they could not be deducted while computing capital employed. The reference therefore stood answered in favour of the assessee on both issues. Case-Laws Income Tax Fri, 02 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24100