https://www.taxtmi.com/caselaws?id=61072 For Rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion for income by way of dividends was interpreted to apply to the gross dividend received, not merely the net dividend forming part of assessed total income. The reasoning drew support from the meaning of chargeable profits under section 2(5), the treatment of dividends under section 80M and section 99(1)(iv), and the scheme of sections 80A and 80B, which indicate that deductions operate from gross total income. The broader reading was also reinforced by the absence of limiting language in Rule 1(viii) comparable to Rule 1(vii). en-us Tue, 25 May 1976 00:00:00 +0530 Mon, 10 Jan 2011 17:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61072 For Rule 1(viii) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion for income by way of dividends was interpreted to apply to the gross dividend received, not merely the net dividend forming part of assessed total income. The reasoning drew support from the meaning of chargeable profits under section 2(5), the treatment of dividends under section 80M and section 99(1)(iv), and the scheme of sections 80A and 80B, which indicate that deductions operate from gross total income. The broader reading was also reinforced by the absence of limiting language in Rule 1(viii) comparable to Rule 1(vii). Case-Laws Income Tax Tue, 25 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61072