https://www.taxtmi.com/caselaws?id=36139 Additional tax under Paragraph F(1)(B) of Part I of the First Schedule to the Finance Act, 1966 was confined to companies with taxable total income or profits in the relevant year and with dividend distributions falling within the statutory definition linked to rebate reduction under the earlier Finance Acts. Reading the 1964, 1965 and 1966 Finance Acts together, the levy did not apply where the company had suffered a loss and had no taxable income at all in the relevant year, even if dividends had been distributed in earlier years. On that construction, the statutory condition for the additional tax was absent and the levy was not attracted. en-us Tue, 10 Jun 1980 00:00:00 +0530 Fri, 19 Mar 2010 15:40:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36139 Additional tax under Paragraph F(1)(B) of Part I of the First Schedule to the Finance Act, 1966 was confined to companies with taxable total income or profits in the relevant year and with dividend distributions falling within the statutory definition linked to rebate reduction under the earlier Finance Acts. Reading the 1964, 1965 and 1966 Finance Acts together, the levy did not apply where the company had suffered a loss and had no taxable income at all in the relevant year, even if dividends had been distributed in earlier years. On that construction, the statutory condition for the additional tax was absent and the levy was not attracted. Case-Laws Income Tax Tue, 10 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36139