9911796707
TMI Blog1977 (1) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... nder consideration is 1966-67. The accounting year ended on March 31, 1966. The assessee had earned during the accounting year gross foreign dividends to the extent of Rs. 11,903. The ITO brought to tax the entire sum of Rs. 11,903. Before the AAC, the assessee submitted that only the net dividend should be taxed as the provisions relating to grossing up of dividends applied only to income-tax p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which accrues or arises to him outside India during such year. A shareholder of a foreign company resident in India, says, Mr. Pal, would be taxed on the dividend income received from a foreign company. Up to 1965, according to Mr. Pal, the dividend income of a shareholder in a foreign company was only the net dividend; but the English Finance Act, 1965, amended the previous law. Under s. 47(1) to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year 1952-53. The term " year of assessment " when used in the English Income Tax Act, 1952, with reference to any tax means the year for which the tax was granted by any Act granting income-tax. (Vide Halsbury's Laws of England, 3rd Edn., Vol. 20, p. 18, art. 17). We have now to consider the provisions of s. 47(1) and (3) of the English Finance Act, 1965. Section 47(1) is as follows: " Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1965, runs thus : " Where, in the year 1966-67 or any later year of assessment, a company resident in the United Kingdom makes any distribution, not being a payment of interest other than yearly interest, nor a payment in respect of which deductions or repayments of income tax may fall to be made under section 157 (pay as you earn) of the Income Tax Act, 1952, the company shall under this sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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