https://www.taxtmi.com/caselaws?id=25113 Withdrawal of dividend rebate under the Finance Act was consistent with sections 4 and 5 of the Income-tax Act because the company fell within the statutory scheme for companies in which the public are substantially interested. The rebate-reduction formula under Para. F of Part I of the First Schedule could be applied in rectification proceedings under section 154 where the adjustment was based on admitted figures. Failure to reduce rebate by the prescribed percentage on dividends was a mistake apparent from the record. The earlier assessment finding that the company was publicly substantially interested could be relied on for the relevant year. en-us Mon, 01 Sep 1986 00:00:00 +0530 Thu, 23 Dec 2021 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25113 Withdrawal of dividend rebate under the Finance Act was consistent with sections 4 and 5 of the Income-tax Act because the company fell within the statutory scheme for companies in which the public are substantially interested. The rebate-reduction formula under Para. F of Part I of the First Schedule could be applied in rectification proceedings under section 154 where the adjustment was based on admitted figures. Failure to reduce rebate by the prescribed percentage on dividends was a mistake apparent from the record. The earlier assessment finding that the company was publicly substantially interested could be relied on for the relevant year. Case-Laws Income Tax Mon, 01 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25113