Statutory Percentage - Definition - Law Dictionary Home Dictionary Definition statutory-percentage

Definition :

Statutory percentage, 'statutory percentage' means for the present purpose, 45 per cent of industrial profits and 60 per cent of non-industrial profits. These percentage have to be applied separately to the profits of the two segments as if those profits were respectively the total income of the company segments as if those profits were respectively the total income of the company in relation to each segment of its business. The dividends and taxes have also to be 'similarly apportioned', for the purposes of sub-s. (1), CIT v. T.V. Sundaram Iyenger and Sons (P) Ltd., AIR 1976 SC 25: (1976) 1 SCC 77: (1975) Supp SCR 93.