1990 (8) TMI 55

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..... 2) of the Income-tax Act, 1961. The question sought to 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 Tri .....

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..... i)(a) of the First Schedule, income-tax payable on the 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 .....

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