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2016 (7) TMI 252 - AT - Income TaxAddition of unclaimed dividend - Held that:- The lower authorities have mis-directed themselves in taxing the unclaimed dividend as income. Ostensibly, dividend distribution by the assessee bank is an apportioned from its tax paid profits and does not charge against the profits for the purposes of computing taxable income. Once dividend declared by the assessee bank is not a charge against the profits in order to compute taxable income, any unclaimed dividend thereof, cannot be charged as an income under the Act. Therefore, we set aside the order of the CIT(A) and direct the Assessing Officer to delete the impugned addition. - Decided in favour of assessee
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