https://www.taxtmi.com/caselaws?id=184633 Application of the dividend-adjustment provision to property-owning companies assessed on notional income is limited where actual distributable profits constrain payment. The article explains that assessable income may exceed actual profits for companies assessed under the property-head; dividends are payable only from actual profits and distribution from capital is prohibited. The adjustment provision triggers if declared dividends are under the statutory proportion of assessable income unless tax authorities accept prior losses or small actual profits as reasonable cause. On the presented facts, no larger lawful dividend was supportable, so the provision was not properly invoked. en-us Tue, 12 Apr 1949 00:00:00 +0530 Thu, 14 Jul 2016 17:40:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184633 Application of the dividend-adjustment provision to property-owning companies assessed on notional income is limited where actual distributable profits constrain payment. The article explains that assessable income may exceed actual profits for companies assessed under the property-head; dividends are payable only from actual profits and distribution from capital is prohibited. The adjustment provision triggers if declared dividends are under the statutory proportion of assessable income unless tax authorities accept prior losses or small actual profits as reasonable cause. On the presented facts, no larger lawful dividend was supportable, so the provision was not properly invoked. Case-Laws Income Tax Tue, 12 Apr 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184633