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2009 (7) TMI 28 - HC - Income TaxStatutory rate of tax - Linked with declaration of Dividend – Section 104(2) of Income Tax Act, 1961 - Assessing Officer resorted to provision of Section 104(1) of the Act and applied the statutory rate of tax stipulated thereunder on the ground that the assessee did not declare the dividend, as required. Justification put forth by the assessee for not declaring the dividend was found not acceptable. – Statutory rate of tax held to be applicable.
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