1990 (8) TMI 55 - HC - Income Tax

Summary

The High Court of Bombay dismissed an application under section 256(2) of the Income-tax Act, 1961 regarding the computation of chargeable profits under the Companies (Profits) Surtax Act, 1964. The court held that income tax on the net dividend should be reduced, not on the gross dividend, in accordance with rule 2(i)(a) of the First Schedule. The Tribunal's decision was upheld, and the application was discharged with no costs.