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1 - 10 of 16 (0.42 seconds)The Insurance Act, 1938
Section 85A in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Bombay ... vs Industrial Investment Trust Co. Ltd. on 11 September, 1967
In Industrial Investment Trust Co.'s case the words "dividends paid" were used in the context of "income of any investment trust company" and nonetheless the Division Bench held that the words "from dividends paid" must necessarily mean "dividends without any deduction any expenses". The same argument as is advanced in the present cases, that the words "income" as used in the notification meant computed income or the total income as computed and not the gross income, was repelled by the Division Bench at page 442 of the report. No doubt that was not a case of an insurance company as in the present case but upon what we have said having regard to the provisions of the Insurance Act also, we do not think that makes any material difference to the interpretation which we have put in this case.