Law:

Section:

Rule I of First Schedule to Companies (Profits) Surtax Act, 1964, read with sections 80L and 80M of Income-tax Act, 1961 - Computation of Chargeable profits - Whether in view of decision of Supreme Court in Distributors (Baroda) (P.) Ltd. v. Union of India, [1985] 155 ITR 120, only net dividend i.e., after giving deductions under sections 80L and 80M was deductible from total income of assessee in computing chargeable profits under Act of 1964 - Held, yes FACTS The Tribunal held that the entire gross divident and not the net divident after giving admissible deductions under sections 80L and 80M was deductible from the total income of the assessee in computing the chargeable profits under the Act of 1964. HELD In View of the of the Supreme Court in Distributors (Baroda) (P.) Ltd. v. Union of India [1985] 155 ITR 120 only net dividend after giving deduction under section 80L and 80M was deductible from the total income of the assessee in computing the chargeable profits under the Act of 1964. Note : The reference was decided against the assessee. CASE REFERRED TO Distributors (Baroda) (P.) Ltd. v. Union of India [1985] 155 ITR 120 (SC). JUDGMENT B.P. Jeevan Reddy, CJ.-Under section 256(1) of the…

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