https://www.taxtmi.com/caselaws?id=49217 Dividend income received from a company was held not chargeable to war profits tax because the amending Explanation to the Ordinance operated retrospectively for the relevant accounting period. The charging and computation provisions, read with the later amendments, showed a legislative intent to exclude such dividend receipts from taxable profits. The Explanation was construed broadly to cover income falling under both rule 3(1) and rule 3(2), and not merely rule 3(2), so that dividend already subjected to tax in the company's hands was excluded from the recipient's profits and double taxation was avoided. en-us Wed, 20 Apr 1966 00:00:00 +0530 Sat, 16 Aug 2014 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49217 Dividend income received from a company was held not chargeable to war profits tax because the amending Explanation to the Ordinance operated retrospectively for the relevant accounting period. The charging and computation provisions, read with the later amendments, showed a legislative intent to exclude such dividend receipts from taxable profits. The Explanation was construed broadly to cover income falling under both rule 3(1) and rule 3(2), and not merely rule 3(2), so that dividend already subjected to tax in the company's hands was excluded from the recipient's profits and double taxation was avoided. Case-Laws Indian Laws Wed, 20 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49217