https://www.taxtmi.com/caselaws?id=63920 Section 104 additional tax applied where the statutory distribution requirement was not met, and the manufacturing or mining exception under section 104(4)(a) depended on whether income from those activities formed at least 51 per cent of gross total income after statutory computation and set-off of losses and unabsorbed depreciation. Because the assessee's qualifying manufacturing income was reduced to nil for the relevant year, the exemption was unavailable. The plea that dividends could not be declared for want of profits or resources was also rejected, as the company had substantial free reserves and no debit balance in the profit and loss account. Partial relief was confined to correction of the tax computation. en-us Fri, 22 Apr 1988 00:00:00 +0530 Wed, 02 Feb 2011 17:11:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63920 Section 104 additional tax applied where the statutory distribution requirement was not met, and the manufacturing or mining exception under section 104(4)(a) depended on whether income from those activities formed at least 51 per cent of gross total income after statutory computation and set-off of losses and unabsorbed depreciation. Because the assessee's qualifying manufacturing income was reduced to nil for the relevant year, the exemption was unavailable. The plea that dividends could not be declared for want of profits or resources was also rejected, as the company had substantial free reserves and no debit balance in the profit and loss account. Partial relief was confined to correction of the tax computation. Case-Laws Income Tax Fri, 22 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63920