https://www.taxtmi.com/caselaws?id=58978 For capital computation under rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, the cost of shares of Indian companies had to be excluded from capital because the rule describes a class of assets by reference to income ordinarily excluded under clause (viii) of rule 1 of the First Schedule. Actual receipt of dividend in the relevant year was not a condition for the exclusion. The capital base was therefore reduced by the cost of the relevant shareholding even where dividend income was nil. en-us Fri, 31 Jul 1987 00:00:00 +0530 Wed, 25 Jan 2012 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58978 For capital computation under rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, the cost of shares of Indian companies had to be excluded from capital because the rule describes a class of assets by reference to income ordinarily excluded under clause (viii) of rule 1 of the First Schedule. Actual receipt of dividend in the relevant year was not a condition for the exclusion. The capital base was therefore reduced by the cost of the relevant shareholding even where dividend income was nil. Case-Laws Income Tax Fri, 31 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58978