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of <h1>Supreme Court Rules Dividends Declared Late Must Be Considered for Additional Super-Tax u/s 104(1) of IT Act.</h1> The circular addresses the treatment of dividends declared after the statutory 12-month period but before taking action under sections 23A(1) and 104 of the Income-tax Act, 1922/1961. Initially, the Board's 1966 instruction advised ignoring such dividends. However, a Supreme Court ruling in the case involving the Commissioner of Income-tax, West Bengal, and a private company determined that these dividends should be considered when calculating additional super-tax. Consequently, the previous Board's instructions are canceled, and the Supreme Court's decision applies to orders under section 104(1) of the Income-tax Act, 1961.
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