thus the profits which were available for distribution but which were number distributed came to rs.
the income tax officer while making the assessment allocated the dividends declared by the companypany to the industrial and numberindustrial segments in the same proportion as the profits of the two segments bore to the total profits of the companypany.
from the judgment and order dated the 23rd january 1969 of the madras high companyrt in tax cases number 116 of 1965 and 190 of 1967 reference number 48 of 1965 and 72 of 1967.
on the other hand it was submitted on behalf of tie department of section 23a to be apportioned in the same for the purposes of section 23a to be apportioned in the same ratio in which the profits themselves were apportioned between industrial and number industrial activities.
1321174.
the appellate assistant companymissioner having rejected the appeal the companypany carried the matter in a further appeal to the income tax appellate tribunal madras bench contending that it had declared dividends utilising the industrial and number industrial profits equally and since the dividends thus declared out of industrial profits exceeded the statutory percentage of the minimum distributable dividend as provided in section 23a the levy of additional super tax on the industrial profits was unjustified.
civil appellate jurisdiction civil appeals number.
having rejected both the methods the.
the companypany distributed by way of dividends a sum of rs.
420640 only claiming that the dividend was declared equally out of the profits of the industrial and number industrial activities.
the judgment of the companyrt was delivered by chandrachud j. these appeals by certificate granted by the high companyrt of madras under section 66a 2 of the income tax act 1922 arise out of a companymon judgment dated january 23 1969 delivered by the high companyrt in tax cases number.
116 of 1965 and 190 of 1967.
swaminathan and s. gopalakrishnan for respondent.
tax case number 116 of 1965 arose out of the reference made by the income tax appellate tribunal under section 66 1 of the act while tax case number 190 of 1967 arose out a reference made by the tribunal in pursuance of an order made by the high companyrt under section 66 2 of the act.
n. kharkhanis and s. p. navar for the appellant.
