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1965 (12) TMI 37 - SC - Income TaxWhether, on the facts and in the circumstances of the case, section 23A was properly applied? Held that:- From the judgment of the High Court that the assessee's contention before it was that the expression " profits made " in section 23A refers to profits disclosed by the accounts and further to the profits that were made only during that year, disregarding any profits of the previous year that might have been carried forward as such. The fact that this argument was raised before the High Court further shows that the assessee never urged at any previous stage that in view of previous losses and other facts, it would not be reasonable to require the assessee to distribute a larger dividend. We agree with the High Court that the answer to the question must be in the affirmative. Appeal dismissed.
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