Law:

Section:

Schedule 1Rule 1(viii) of the Companies (Profits) Surtax Act, 1964 - Chargeable profits - Computation of - Whether it is gross dividend income which should be deducted while computing chargeable profits for purpose of surtax and not net dividend income - Held, yes Gross dividend income should be deducted while computing the chargeable profits for the purpose of surtax and not the net dividend income. Note: The case was decided in favour of the assessee. CASE REVIEW CIT v. Sundaram Industries (P.) Ltd. [1985] 151 ITR 769 (Mad.) and Addl.CIT v. Madras Motor and General Insurance Co. Ltd. [1979] 117 ITR 354 (Mad.) followed & relied upon. CASES REFERRED TO CIT v. Sundaram Industries (P.) Ltd. [1985] 151 ITR 769 (Mad.) and Addl. CIT v. Madras Motor and General Insurance Co. Ltd. [1979] 117 ITR 354 (Mad.) J. Jayaraman and N.V. Balasurbramaniam for the Applicant. V.S. Jayakumar, Padmanabhan,Subbarya Aiyer and Ramamani for the Respondent. JUDGMENT Ramanujam, J.-For the assessment years 1971-72 and 1972-73, the following two questions have been referred to this court for its opinion by the Income-tax Appellate Tribunal at the instance of the Revenue: "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the gross dividend income should be deducted while computing…

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