https://www.taxtmi.com/caselaws?id=327231 The High Court dismissed two appeals by the Revenue concerning the levy of interest under section 115P of the Income-tax Act on the provision for payment of dividend for assessment years 2003-04 and 2009-10. The Court upheld the Tribunal's decision, emphasizing that the provision for payment of dividend in accounts does not automatically constitute the declaration of dividend, which requires a formal decision by the board and approval by shareholders in a general meeting. The Court found no legal basis to interfere with the Tribunal's orders and rejected the Revenue's argument, leading to the dismissal of both appeals and any pending petitions without costs. en-us Mon, 30 Nov 2015 00:00:00 +0530 Thu, 05 May 2016 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327231 The High Court dismissed two appeals by the Revenue concerning the levy of interest under section 115P of the Income-tax Act on the provision for payment of dividend for assessment years 2003-04 and 2009-10. The Court upheld the Tribunal's decision, emphasizing that the provision for payment of dividend in accounts does not automatically constitute the declaration of dividend, which requires a formal decision by the board and approval by shareholders in a general meeting. The Court found no legal basis to interfere with the Tribunal's orders and rejected the Revenue's argument, leading to the dismissal of both appeals and any pending petitions without costs. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327231