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2003 (3) TMI 4 - SC - Income TaxUndistributed Profits - Assessee is a company registered carrying on business in agricultural activities and dairy farming. The assessee was subjected to levy of income-tax under section 104 of the Income-tax Act, for its failure to distribute the required statutory percentage of dividend - that there was nothing unreasonable in the decision of the board of directors not to distribute dividends from the compensation awarded but to capitalise it in a reserve account.
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