https://www.taxtmi.com/caselaws?id=36747 Rule 1 of the Fifth Schedule governs dividends from Indian companies falling within clauses (a) and (b) by reference to the nature of the articles manufactured and the relevant period of formation or registration. Rule 2 applies only where the Indian company has raised fresh capital by public subscription, a condition that cannot be satisfied by a private company because it cannot invite the public to subscribe for its shares. The rules operate in different fields, and dividends received from a private company remain within rule 1 even if the shares were part of fresh capital issued by that company. On that basis, the assessee-company was entitled to exemption from super-tax under section 99(1)(iv). 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 Rule 1 of the Fifth Schedule governs dividends from Indian companies falling within clauses (a) and (b) by reference to the nature of the articles manufactured and the relevant period of formation or registration. Rule 2 applies only where the Indian company has raised fresh capital by public subscription, a condition that cannot be satisfied by a private company because it cannot invite the public to subscribe for its shares. The rules operate in different fields, and dividends received from a private company remain within rule 1 even if the shares were part of fresh capital issued by that company. On that basis, the assessee-company was entitled to exemption from super-tax under section 99(1)(iv). Case-Laws Income Tax Mon, 12 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36747