https://www.taxtmi.com/caselaws?id=59210 For exclusion from chargeable profits under rule 1(viii) and rule 1(ix) of the First Schedule to the Companies (Profits) Surtax Act, 1964, dividend and royalty income is to be taken at the net amount after allowable deductions, because only income forming part of total income is eligible for exclusion. The interpretation of "income by way of dividends" as meaning income computed under the Act, rather than gross receipts, was applied to reject the gross-income view. The Explanation to rule 1 and the CBDT circular were treated as confirming that the exclusion extends only to the amount actually included in total income. en-us Fri, 29 Nov 1985 00:00:00 +0530 Mon, 27 Dec 2010 11:17:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59210 For exclusion from chargeable profits under rule 1(viii) and rule 1(ix) of the First Schedule to the Companies (Profits) Surtax Act, 1964, dividend and royalty income is to be taken at the net amount after allowable deductions, because only income forming part of total income is eligible for exclusion. The interpretation of "income by way of dividends" as meaning income computed under the Act, rather than gross receipts, was applied to reject the gross-income view. The Explanation to rule 1 and the CBDT circular were treated as confirming that the exclusion extends only to the amount actually included in total income. Case-Laws Income Tax Fri, 29 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59210