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Hoechst Dyes And Chemicals Ltd. vs K.N. Anantharama Ayyar, Commr. Of I.T., ... on 4 February, 1984 cites

Commissioner Of Income-Tax vs T.V. Sundaram Iyengar & Sons (P.) Ltd. on 16 April, 1975

18. Mr. Dastur, learned counsel for the petitioners, drew our attention to a decision of the Supreme Court in the case of CIT v. T. V. Sundaram Iyengar & Sons (P.) Ltd. . The Supreme Court in that case was concerned with a company having a composite income. There was no dispute that the company had declared less than the statutory dividend. The dispute before the Supreme Court related to the apportionment of the dividend actually declared by the company between the two different heads of income and the manner of calculation of tax. Section 23A of the Indian I.T. Act, 1922, contained the relevant provisions applicable in that case. The provisions of s. 23A are somewhat similar to the combined provisions of ss. 104 and 109 of the I.T. Act, 1961. Under s. 23A(1), where the ITO is satisfied that in respect of any previous year profits and gains distributed as dividends by any company are less than the statutory percentage of the total income of the company of that previous year as reduced in the manner provided therein, then the company will be liable to pay super-tax in the manner to be calculated as stated in the said section. Explanation 2 to s. 23A defines the "statutory percentage" and it goes on to say, "the said percentage being applied separately with reference to the amounts of profits and gains attributable to the two parts of the company's business aforesaid as if the said amounts were respectively the total income of the company in relation to each of its parts, the amount of dividends and taxes also being similarly apportioned, for the purposes of sub-section (1)......"
Madras High Court Cites 12 - Cited by 20 - V Ramaswami - Full Document
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