https://www.taxtmi.com/caselaws?id=38210 For computing capital base under rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, the cost of shares in Indian companies had to be excluded even where no dividend was received in the relevant year. Rule 2 refers to the category of assets whose income is required to be excluded under rule 1 of the First Schedule, and that description does not depend on actual dividend receipt in the year. The absence of dividend meant the exclusion under rule 1(viii) was nil, but it did not prevent the shares from falling within rule 2. The Tribunal's view requiring actual receipt of dividend was rejected, and the issue was answered in favour of the Revenue. en-us Thu, 01 Jun 1978 00:00:00 +0530 Sat, 03 Apr 2010 17:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38210 For computing capital base under rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, the cost of shares in Indian companies had to be excluded even where no dividend was received in the relevant year. Rule 2 refers to the category of assets whose income is required to be excluded under rule 1 of the First Schedule, and that description does not depend on actual dividend receipt in the year. The absence of dividend meant the exclusion under rule 1(viii) was nil, but it did not prevent the shares from falling within rule 2. The Tribunal's view requiring actual receipt of dividend was rejected, and the issue was answered in favour of the Revenue. Case-Laws Income Tax Thu, 01 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38210