https://www.taxtmi.com/caselaws?id=38674 For surtax computation under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion for "income by way of dividends" was held to apply to the gross dividend received. The adjustment under the Surtax Act was treated as independent of the deduction machinery under the Income-tax Act, so sections 57 and 80M could not be imported to limit the dividend exclusion unless the surtax provision expressly said so. The result was that dividend income was to be fully excluded from chargeable profits, rather than only the net amount after Income-tax Act deductions. en-us Tue, 15 Mar 1977 00:00:00 +0530 Thu, 08 Apr 2010 12:26:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38674 For surtax computation under rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion for "income by way of dividends" was held to apply to the gross dividend received. The adjustment under the Surtax Act was treated as independent of the deduction machinery under the Income-tax Act, so sections 57 and 80M could not be imported to limit the dividend exclusion unless the surtax provision expressly said so. The result was that dividend income was to be fully excluded from chargeable profits, rather than only the net amount after Income-tax Act deductions. Case-Laws Income Tax Tue, 15 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38674