Supreme Court of India
Ahmedabad Manufacturing and Calico Printing Co. Ltd. and Anr. v. A.V. Joshi
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the aforesaid reasons, this appeal is allowed, the impugned judgment of the High Court is set aside and the respondent is directed to issue a certificate to the appellants, in accordance with law, showing therein the portion of exempted dividend in respect of Polyester Fibre Plant and Sulzer Plant.
Judgment, page 6
From the headnote
Income Tax Act, 1961. Ss. 80!, SOK, 197(3)-New Industrial Undertakings-Deduction in respect of dividends-Losses and depreciation of earlier year carried for ward--Company declared dividend during subsequent year in which no tax was payable by it-Entitlement of company to certificate under S.SOK--Held, even if new industrial undertaking had no profit and gains assessable in relevant assessment yeai--Company would be entitled to benefit under S.SOK The assessee-Com pany established new industrial undertakings, namely, a Polyster Fibre Plant in the accounting year 1975-76 and a Sulzer Plant in
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