Supreme Court · 1976 INSC 286 · Decided 9 November 1976
Commissioner of Income Tax, Madras v. M/S. P. S. S. Investments (P) LTD.
- Court
- Supreme Court of India
- Citation
- 1976 INSC 286 · [1977] 2 S.C.R. 78
- Case number
- CIVIL APPEAL No. 1853/1971
- Decided
- 9 November 1976
- Bench
- HANS RAJ KHANNA, V.R. KRISHNA IYER (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Finance Act, 1958, First Schedule Part IT, Explanation (iii) to par11- graph D-Calculation of rebate in computation of Super-tax, whether profits earned during previous year to be taken into account. The Income-tax officer took into account the respondent's entire dividend income of the year the super-tax payable by it for the assessment year 1958-59. Jn appeal against the computa­ tion the respondent contended before the Appellate Assistant Commissioner that the dividend-income included profits earned during the previous years, and that rebate should be reduced only
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