2000 (2) TMI 36 - HC - Income Tax

Summary

The High Court of Bombay considered whether section 104 of the Income-tax Act, 1961 applied to the case of an investment company not declaring dividends. The company's investment in UTI was found to be in furtherance of its business activity. The Tribunal concluded that the company was expanding its business, not evading tax. The appeal was dismissed, upholding the Tribunal's decision.