https://www.taxtmi.com/caselaws?id=49624 The phrase "at the rate applicable to the total income of the company" under the Income-tax Act, 1922 was construed to mean the rate actually applied in the particular case after giving effect to the rebate under the Part B States (Taxation Concessions) Order, 1950. The statutory context of the charging scheme and First Schedule showed that the words could not be limited to the abstract unreduced Finance Act rate. The explanation to the proviso also indicated that the prescribed rate was to be reduced by rebate, and the reference to tax actually borne supported that construction. The interpretation therefore included the rebate in computing additional income-tax on excess dividend. en-us Thu, 09 Oct 1958 00:00:00 +0530 Fri, 05 Sep 2014 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49624 The phrase "at the rate applicable to the total income of the company" under the Income-tax Act, 1922 was construed to mean the rate actually applied in the particular case after giving effect to the rebate under the Part B States (Taxation Concessions) Order, 1950. The statutory context of the charging scheme and First Schedule showed that the words could not be limited to the abstract unreduced Finance Act rate. The explanation to the proviso also indicated that the prescribed rate was to be reduced by rebate, and the reference to tax actually borne supported that construction. The interpretation therefore included the rebate in computing additional income-tax on excess dividend. Case-Laws Income Tax Thu, 09 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49624