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1981 (9) TMI 155 - ITAT BOMBAY-BExtract: .......ogramme. Having regard to the facts and circumstances of the case of the assessee, we hold that, having regard to the available profits as on 26th June, 1976, it was not reasonable to expect the assessee to declare any dividend for the year 1975. Therefore, we direct that the order under s. 104 is cancelled. 9. In the result, the appeal is allowed.
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