https://www.taxtmi.com/caselaws?id=69337 Section 23A could not be applied merely on assessed profits where the company's books showed accumulated losses, no reserves, and an unprovided tax liability leaving no real surplus for dividend distribution. The past additions were based on estimates, disallowances for lack of proof, and short collections, with no positive evidence of concealed profits or deliberate inflation of expenses. On that balance-sheet position, the assessed profits did not establish distributable commercial profits. Section 23A was therefore not attracted on the facts, and the assessee succeeded. en-us Wed, 18 Nov 1981 00:00:00 +0530 Wed, 06 Apr 2011 12:49:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69337 Section 23A could not be applied merely on assessed profits where the company's books showed accumulated losses, no reserves, and an unprovided tax liability leaving no real surplus for dividend distribution. The past additions were based on estimates, disallowances for lack of proof, and short collections, with no positive evidence of concealed profits or deliberate inflation of expenses. On that balance-sheet position, the assessed profits did not establish distributable commercial profits. Section 23A was therefore not attracted on the facts, and the assessee succeeded. Case-Laws Income Tax Wed, 18 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69337