https://www.taxtmi.com/caselaws?id=70498 The Tribunal allowed both appeals, canceling the ITO's orders levying additional income-tax on undistributed income for the assessment years 1977-78 and 1978-79. The Tribunal held that the assessee had reasonable cause for the delay in declaring dividends and that the deductions claimed in the computation of distributable income were permissible. The Tribunal emphasized that the imposition of additional income-tax was unwarranted given the circumstances and the genuine efforts made by the assessee to finalize accounts and declare dividends. en-us Fri, 24 Feb 1984 00:00:00 +0530 Sat, 16 Apr 2011 14:41:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70498 The Tribunal allowed both appeals, canceling the ITO's orders levying additional income-tax on undistributed income for the assessment years 1977-78 and 1978-79. The Tribunal held that the assessee had reasonable cause for the delay in declaring dividends and that the deductions claimed in the computation of distributable income were permissible. The Tribunal emphasized that the imposition of additional income-tax was unwarranted given the circumstances and the genuine efforts made by the assessee to finalize accounts and declare dividends. Case-Laws Income Tax Fri, 24 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70498