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of <h1>High Court rules in favor of assessee on belated dividend distribution not affecting income tax assessment</h1> <h3>Commissioner Of Income-Tax Versus Sawhany Trading Co. Ltd.</h3> The High Court of Madras ruled in favor of the assessee in a case concerning additional income-tax under section 104 of the Income-tax Act, 1961 for the ... Company, Additional Tax On Undistributed Profits The High Court of Madras ruled in favor of the assessee in a case regarding additional income-tax under section 104 of the Income-tax Act, 1961 for the assessment year 1975-76. The Tribunal found that the belated distribution of dividends did not prejudice the Revenue, and therefore, the Income-tax Officer could not make an order under section 104(1) of the Act. The Court affirmed the Tribunal's decision, holding in favor of the assessee.
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