https://www.taxtmi.com/caselaws?id=28267 For computing chargeable profits under clause (viii) of Rule 1 of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion for dividend income from Indian companies was held to apply to the gross dividend amount and not merely the net amount after Section 80M deduction. The provision was read according to its plain language, which did not limit the exclusion to net income, and the later Explanation inserted by the Finance Act, 1981 was treated as prospective only, so it did not govern the relevant assessment year. The deduction was therefore available on the full dividend income. en-us Fri, 28 Jan 1983 00:00:00 +0530 Sat, 20 Feb 2010 11:01:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28267 For computing chargeable profits under clause (viii) of Rule 1 of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion for dividend income from Indian companies was held to apply to the gross dividend amount and not merely the net amount after Section 80M deduction. The provision was read according to its plain language, which did not limit the exclusion to net income, and the later Explanation inserted by the Finance Act, 1981 was treated as prospective only, so it did not govern the relevant assessment year. The deduction was therefore available on the full dividend income. Case-Laws Income Tax Fri, 28 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28267