2000 (11) TMI 132 - SC - Income Tax

Summary

The Supreme Court allowed the Revenue's appeal against a High Court judgment, answering three questions in favor of the assessee except the third question, which was answered in favor of the Revenue. The third question related to the deduction under rule 1(viii) of the First Schedule, where the court affirmed that only the net dividend should be included in the total income for arriving at chargeable profits.