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2008 (3) TMI 308 - MADRAS HIGH COURTSurtax - Chargeable profits - Whether Tribunal is right in law in cancelling the order of CIT passed u/s 16 of the Companies (Profits) Surtax Act holding that rule 2 of the Second Schedule to the Act cannot be applied - assessee contend that it has had no income in the return of dividends and, consequently, the provisions of rule 1(viii) of the First Schedule to the Surtax Act would not apply. It followed, therefore, that rule 2 of the Second Schedule pertaining to the reduction in the capital base would also not apply – contention of assessee accepted – order of tribunal is upheld
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