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Issues: Whether capital gains arising from the sale of investments by an investment company could be treated as profits or gains available for distribution of dividends for the purpose of section 104 of the Income-tax Act, 1961.
Analysis: The assessment year was 1974-75. The company was found to be an investment company with no trading activity, and the profits from sale of investments were treated as gains available for distribution. Section 104 was held to require distribution of a prescribed percentage of profits or gains, and there was no factual basis to show that the gains had to be retained for any legitimate business requirement.
Conclusion: The capital gains from sale of the plantation were includible for the purpose of section 104, and the appeal failed.
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