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TMI Blog1974 (6) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... f which relates to the inclusion of a sum of Rs. 35,029 appearing as reserve for doubtful debts in the capital computation under the Super Profits Tax Act, 1963, and the other relates to the point whether the Tribunal was right in holding that the amount of dividend was Rs. 1,83 304 for the purpose of determining the chargeable profits of the assessee-company for the purpose of super profits tax a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e whatever the nomenclature of the said amount was and the Tribunal upheld the Appellate Assistant Commissioner's order that the said amount should be included in the capital base. The first question pertains to this amount and, in our view, it was on an appreciation of the materials that were placed before the Tribunal that it came to the conclusion that the amount was not meant to be utilised fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee and in doing so it followed the principle laid down by the Supreme Court in Metal Box Co. In this view of the matter we do not think that any question of law arises out of the Tribunal's order. The second question pertains to computation of chargeable profits. Admittedly, the assessee had earned gross dividend of Rs. 1,83,304 but the Income-tax Officer for the purpose of computing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as follows : " (viii) income by way of dividends from an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends within India " and the question is whether the expression "income by way of : dividends" would refer to the gross dividend received by the assessee in the case or the net dividend received by the assessee arrived at after exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as section 80M of that Act, by the Bombay High Court in Commissioner of Income-tax v. Industrial investment Trust Co. Ltd. A similar view has been taken by this court in Commissioner of Income-tax v. New Great insurance Co. Ltd. It is true that the two decisions on which reliance was placed by the Tribunal pertain to the provisions contained in the Income-tax Act, 1961. But since the expression th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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