https://www.taxtmi.com/caselaws?id=37545 Rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964 excludes "income by way of dividends" on the plain meaning of that expression. The court stated that the exclusion refers to the gross dividend received by the company, not the reduced net amount after deductions under the Income-tax Act, 1961, including deductions under sections 57 and 80M. It preferred authority treating dividend relief as based on gross dividend and distinguished the contrary view drawn from section 85A, because that provision used different language tied to income included in total income. The operative position is that gross dividend is the relevant amount for surtax computation. en-us Thu, 15 Mar 1979 00:00:00 +0530 Tue, 30 Mar 2010 13:53:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37545 Rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964 excludes "income by way of dividends" on the plain meaning of that expression. The court stated that the exclusion refers to the gross dividend received by the company, not the reduced net amount after deductions under the Income-tax Act, 1961, including deductions under sections 57 and 80M. It preferred authority treating dividend relief as based on gross dividend and distinguished the contrary view drawn from section 85A, because that provision used different language tied to income included in total income. The operative position is that gross dividend is the relevant amount for surtax computation. Case-Laws Income Tax Thu, 15 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37545