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1997 (3) TMI 28 - MADRAS HIGH COURTExtract: ....... would fully apply to the facts of the present case. Hence, the view of the Appellate Tribunal that the net dividend should be brought to tax is not sustainable in law. Following the decision in A. F. W. Low v. CIT 1995 211 ITR 213 (Mad), we answer the second question in the negative and in favour of the Revenue. There will be no order as to costs.
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