https://www.taxtmi.com/caselaws?id=36747 Exemption from super-tax on dividends received from an Indian company is governed by rule 1 of the Fifth Schedule where the company falls within the specified manufacturing and formation or registration categories. Rule 2 applies only to companies that have raised fresh capital through public subscription. Because a private company cannot invite public subscription for its shares, rule 2's condition cannot apply to it. Rules 1 and 2 operate independently; dividends from a private company remain subject to rule 1 even if the shares formed part of fresh capital issued by that company. The exemption is therefore available where rule 1's requirements are met. en-us Mon, 12 Feb 1979 00:00:00 +0530 Wed, 24 Mar 2010 12:28:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36747 Exemption from super-tax on dividends received from an Indian company is governed by rule 1 of the Fifth Schedule where the company falls within the specified manufacturing and formation or registration categories. Rule 2 applies only to companies that have raised fresh capital through public subscription. Because a private company cannot invite public subscription for its shares, rule 2's condition cannot apply to it. Rules 1 and 2 operate independently; dividends from a private company remain subject to rule 1 even if the shares formed part of fresh capital issued by that company. The exemption is therefore available where rule 1's requirements are met. Case-Laws Income Tax Mon, 12 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36747