1997 (10) TMI 6

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..... cate (T. C. Sharma , Arun K. Sharma and B. K. Prasad, Advocates) ORDER The assessment year involved is 1974-75 for which the relevant year of account was the period ending March 31, 1974. The case of the assessee is that even if it has sold the rubber plantation, the profits derived from the sale of plantation should not be taken into consideration for the purpose of imposition of tax under sec .....

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..... ain the entirety of the gains for any legitimate requirement of the company. Section 104 is very clear. A certain percentage of profits or gains made by the assessee will have to be distributed as dividends, otherwise an order under section 104 will have to be passed. There is no dispute that the company is a section 104 company. In the facts of this case we hold that the appeal is without any mer .....

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