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1997 (11) TMI 119 - AT - Income TaxExtract: ........ 25,90,360. After adjusting the loss of earlier years, there was a negative balance of Rs. 3,84,429. Hence, there was no profit from which the dividend could be declared. Considering the circumstances of the case, in our opinion, CIT(A) was justified in cancelling the order passed under s. 104 of the Act. 6. In the result, the appeal is dismissed.
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