https://www.taxtmi.com/caselaws?id=27350 For surtax computation under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, income by way of dividends from an Indian company was treated as a distinct category of income and not as a net amount after deductions under the Income-tax Act, 1961. The gross dividend was therefore excludible in computing chargeable profits, and the deductions under sections 57, 80K, 80L and 80M were held not to govern that exclusion for the assessment years in question. The later insertion of section 80AA and the explanation to rule 1 were noted as subsequent changes and were not applied retrospectively. en-us Mon, 14 Jan 1985 00:00:00 +0530 Fri, 12 Feb 2010 12:31:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27350 For surtax computation under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, income by way of dividends from an Indian company was treated as a distinct category of income and not as a net amount after deductions under the Income-tax Act, 1961. The gross dividend was therefore excludible in computing chargeable profits, and the deductions under sections 57, 80K, 80L and 80M were held not to govern that exclusion for the assessment years in question. The later insertion of section 80AA and the explanation to rule 1 were noted as subsequent changes and were not applied retrospectively. Case-Laws Income Tax Mon, 14 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27350