1990 (12) TMI 68 - HC - Income Tax

Summary

The High Court of Allahabad ruled that the gross dividend, not the net dividend after deductions, was deductible from the total income of the assessee for computing chargeable profits under the Companies (Profits) Surtax Act, 1964. The judgment was delivered by B. P. JEEVAN REDDY C. J. The court answered the question in favor of the Revenue and against the assessee, citing the Distributors (Baroda) P. Ltd. v. Union of India case.