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2002 (2) TMI 45 - MADRAS HIGH COURTCompany, Additional Tax - "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the levy of additional tax under section 104 of the Income-tax Act, 1961, is not justified in the present case? - (2) Having found that the assessee was required to declare dividend to the extent of 90 per cent. of the distributable investment income and 60 per cent. of income relating to business and that the dividend declared by the assessee was not sufficient to meet the statutory conditions for the assessment year 1984-85, the Tribunal was right in cancelling the additional tax levied under section 104 based upon the dropping of proceedings under section 104 by the Assessing Officer for the assessment year 1983-84?" - In our opinion, the Tribunal has correctly held that this was a case where the action under section 104 could not be justified. We, accordingly, affirm the order of the Tribunal and answer the reference against the Department and in favour of the assessee
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