https://www.taxtmi.com/caselaws?id=61380 For surtax computation, gross dividend income, not net dividend income, is to be excluded, and a later prospective amendment cannot be applied retrospectively in the absence of express legislative intent. A Debenture Redemption Fund created to meet an ascertained future liability is a provision, not a reserve, and is excluded from capital employed. Deductions under Chapter VI-A, including those under sections 80M and 80J, do not trigger proportionate reduction of the capital base under rule 4 of the Second Schedule because they are not income wholly outside total income. en-us Thu, 27 Nov 1986 00:00:00 +0530 Wed, 12 Jan 2011 14:26:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61380 For surtax computation, gross dividend income, not net dividend income, is to be excluded, and a later prospective amendment cannot be applied retrospectively in the absence of express legislative intent. A Debenture Redemption Fund created to meet an ascertained future liability is a provision, not a reserve, and is excluded from capital employed. Deductions under Chapter VI-A, including those under sections 80M and 80J, do not trigger proportionate reduction of the capital base under rule 4 of the Second Schedule because they are not income wholly outside total income. Case-Laws Income Tax Thu, 27 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61380