https://www.taxtmi.com/caselaws?id=58071 For computation of chargeable profits under the Companies (Profits) Surtax Act, 1964, the expression "income by way of dividends" in rule 1(viii) of the First Schedule was treated as referring to gross dividend rather than net dividend. Section 80AA of the Income-tax Act, 1961, was described as a clarification for deduction under section 80M and not as a definition controlling surtax computation. The later Explanation inserted in rule 1 of the First Schedule by the Finance Act, 1981 was made effective only from 1-4-1981, indicating that the retrospective amendment to section 80AA did not govern earlier surtax years. en-us Fri, 16 Jul 1982 00:00:00 +0530 Fri, 17 Dec 2010 11:55:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58071 For computation of chargeable profits under the Companies (Profits) Surtax Act, 1964, the expression "income by way of dividends" in rule 1(viii) of the First Schedule was treated as referring to gross dividend rather than net dividend. Section 80AA of the Income-tax Act, 1961, was described as a clarification for deduction under section 80M and not as a definition controlling surtax computation. The later Explanation inserted in rule 1 of the First Schedule by the Finance Act, 1981 was made effective only from 1-4-1981, indicating that the retrospective amendment to section 80AA did not govern earlier surtax years. Case-Laws Income Tax Fri, 16 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58071