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TMI Blog1990 (8) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... be referred is : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that, in computing the chargeable profits as per the First Schedule to the Companies (Profits) Surtax Act, 1964, the income-tax on the net dividend should be reduced from the total income tax payable by the company, when the Tribunal has itself directed that the gross amount of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he gross dividend was to be excluded. The Tribunal held, and in our opinion rightly, that the tax payable on the net dividend alone was required to be excluded under rule 2(i)(a). The provisions of rule 2(i)(a) clearly envisage the exclusion of tax payable on income, under certain clauses, included in the total income. It cannot be disputed that what was included in the total income was the net di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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