https://www.taxtmi.com/caselaws?id=49558 Whether additional tax under the proviso to paragraph B of Part I of the First Schedule to the Finance Act, 1951 applies when an assessee's total income is nil or a loss: the proviso operates as a rate provision dependent on "total income" as determined for income-tax purposes, so phrases like "on the total income" and "profits liable to tax" lack operative meaning where total income is nil or negative; the deeming rule treating excess dividends as from undistributed profits cannot supply a non-existent total income; consequently the proviso cannot be read as an independent charging provision and no additional tax is payable under it. en-us Wed, 04 May 1960 00:00:00 +0530 Tue, 21 Oct 2014 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49558 Whether additional tax under the proviso to paragraph B of Part I of the First Schedule to the Finance Act, 1951 applies when an assessee's total income is nil or a loss: the proviso operates as a rate provision dependent on "total income" as determined for income-tax purposes, so phrases like "on the total income" and "profits liable to tax" lack operative meaning where total income is nil or negative; the deeming rule treating excess dividends as from undistributed profits cannot supply a non-existent total income; consequently the proviso cannot be read as an independent charging provision and no additional tax is payable under it. Case-Laws Income Tax Wed, 04 May 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49558