TMI Blog1992 (4) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Revenue has taken the following ground before us : "On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in directing the Assessing Officer to consider the net dividend and not the gross dividend received by the assessee from a foreign company for including the total income of the assessee-company." 3. At the hearing, while it was contended on behalf of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om whatever source derived which accrues or arises to him outside India during such year. That a shareholder of a Foreign resident in India would therefore, have to be taxed on the dividend income received from a Foreign Company. Upto the year 1965 the dividend income of a shareholder in a Foreign Company was only the net dividend, but the English Finance Act, 1965 amended this position. Under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their Lordships recalled the position of the " year of assessment " under the English Act, as per which the Income-tax year commenced on the 6th April and ended on the following 5th April and that the term " year of assessment " when used in the English Income-tax Act, 1952 with reference to any tax meant the year for which the tax was granted by any Act granting Income-tax. 7. We have considere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from a Foreign Company. Till 1965 the dividend income of a shareholder in a Foreign Company was only the net dividend, but this position underwent a change by the amendment made to the English Finance Act, 1965. Under section 47(1)/(2)/(4) of the English Finance Act, 1965 the dividend income of a shareholder in a English Company is the gross dividend which would mean that it is the gross dividend ..... X X X X Extracts X X X X X X X X Extracts X X X X
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