Supreme Court Dismisses Assessee’s Appeal in Income Tax Excess Dividend Case — Interpretation of 'Rate Applicable to Total Income' Under Finance Act, 1951. The rate applicable is the rate actually applied to the company’s taxable income, not the statutory rate prescribed, for computing additional income tax on excess dividend....
The dispute arose from the assessment of Rajputana Agencies Ltd., a private limited company in Saurashtra, for the assessment year 1952-53. The company declared a dividend of Rs. 30,000, out of which ...
