1997 (7) TMI 110

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....pany registered under the Companies Act, 1956. During the assessment year 1982-83, it had derived income from the business carried on both in India as well as outside India, including Malaysia. It was subjected to assessment under section 143(3) of the Income-tax Act, 1961 (in short " the Act "), whereunder its claim for deduction on account of dividend paid on preference shares and the tax payabl....

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....ences have been made in identical terms for the earlier two years, namely, 1980-81 and 1981-82 in I. T. R. C. Nos. 90 and 91 of 1994 (Kirloskar Electric Co. Ltd. v. CIT (No. 1) [1997] 228 ITR 674), which we have heard and disposed of this day, answering the question against the company by holding that the company is not entitled to claim deduction on account of dividends paid on preference shares.....

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....ereof reads thus : " (1) Subject to the provisions of this Act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which--- (a) is received or is deemed to be received in India in such year by or on behalf of such person ; or (b) accrues or arises or is deemed to accrue or arise to him in India during such year ; or (c) accrues ....