https://www.taxtmi.com/caselaws?id=185135 The High Court PRIVY COUNCIL clarified the interpretation of a statutory provision on dividend payment based on a company's financial position. The Court emphasized that the assessment should consider all relevant factors beyond just losses and small profits, including capital losses if proven. The judgment highlighted the importance of adhering to statutory definitions and directed that the appeal be allowed, restoring the High Court's decision, with costs apportioned between the parties. en-us Wed, 02 Oct 1957 00:00:00 +0530 Mon, 01 Aug 2016 17:31:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185135 The High Court PRIVY COUNCIL clarified the interpretation of a statutory provision on dividend payment based on a company's financial position. The Court emphasized that the assessment should consider all relevant factors beyond just losses and small profits, including capital losses if proven. The judgment highlighted the importance of adhering to statutory definitions and directed that the appeal be allowed, restoring the High Court's decision, with costs apportioned between the parties. Case-Laws Income Tax Wed, 02 Oct 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185135