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1994 (10) TMI 94 - ITAT CHANDIGARHExtract: .......vances made in future to M/s. Munjal Showa Ltd. do not justify the retention of profit by the assessee. 14. We, therefore, reject the assessee s plea that no tax was leviable under section 104. We hold that the assessee was required in law to distribute its profit by way of dividend, which was not done. 15. In the result, the appeal stands rejected
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