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1991 (4) TMI 51 - BOMBAY HIGH COURTExtract: .......v. CIT 1981 132 ITR 559. We are told that the actual dividend declared was Rs. 9,37,500 only. Therefore, we will answer the second question thus The dividend reserve of Rs. 10,00,000 to the extent it is in excess of the amount of the dividend proposed and actually declared, i.e., Rs. 9,37,500 alone is to be treated as reserve. No order as to costs.
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