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<h1>Appeal dismissed as proposed dividend not approved by general body meeting.</h1> The appeal was dismissed as the proposed dividend was not considered a liability until approved by the general body meeting, based on a Supreme Court ... - The appeal was about the break-up value of shares in M/s Sundaram Industries Ltd. The assessee argued that proposed dividend should not be considered as an asset. The AAC and ITAT agreed, stating that proposed dividend is not a liability until approved by the general body meeting. The decision was based on a Supreme Court case. The appeal was dismissed. (Case Citation: 1979 (5) TMI 62 - ITAT MADRAS-A)
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