https://www.taxtmi.com/caselaws?id=49462 The First Schedule to the Gwalior War Profits Ordinance, Samvat 2001 was treated as part of the Ordinance itself because the charging and definitional provisions incorporated it and later changes were made by amending ordinances, not delegated rules. On taxation of dividend income, rule 3(1) was read broadly: income from investments was includible in business profits unless the investment had no connection whatever with the business. A controlling shareholding that could support the assessee's managing-agency business by enabling influence over the company was held to create a real and substantial nexus, so the dividend was taxable as business profit. en-us Wed, 20 Dec 1961 00:00:00 +0530 Thu, 28 Aug 2014 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49462 The First Schedule to the Gwalior War Profits Ordinance, Samvat 2001 was treated as part of the Ordinance itself because the charging and definitional provisions incorporated it and later changes were made by amending ordinances, not delegated rules. On taxation of dividend income, rule 3(1) was read broadly: income from investments was includible in business profits unless the investment had no connection whatever with the business. A controlling shareholding that could support the assessee's managing-agency business by enabling influence over the company was held to create a real and substantial nexus, so the dividend was taxable as business profit. Case-Laws Income Tax Wed, 20 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49462