https://www.taxtmi.com/caselaws?id=415697 A special exemption under the Small Industries Development Bank of India Act protects income, profits or gains derived by the Bank, and amounts received by it, from income-tax and other tax. On that construction, the dividend-distribution charge under the Income-tax Act does not override the specific immunity, because the charging provision operates only within its own scope. The note also points out that Parliament used an express override when introducing a similar rule for the Unit Trust of India, indicating that no such override was intended here. Accordingly, amounts distributed as dividend were treated as protected, and the additional tax was not exigible. en-us Thu, 02 Dec 2021 00:00:00 +0530 Tue, 28 Apr 2026 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415697 A special exemption under the Small Industries Development Bank of India Act protects income, profits or gains derived by the Bank, and amounts received by it, from income-tax and other tax. On that construction, the dividend-distribution charge under the Income-tax Act does not override the specific immunity, because the charging provision operates only within its own scope. The note also points out that Parliament used an express override when introducing a similar rule for the Unit Trust of India, indicating that no such override was intended here. Accordingly, amounts distributed as dividend were treated as protected, and the additional tax was not exigible. Case-Laws Income Tax Thu, 02 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415697