https://www.taxtmi.com/caselaws?id=5083 Losses incurred before a company's capital reconstruction remained relevant under section 23A of the Income-tax Act, 1922, because prior losses could still affect the company's financial position and the reasonableness of declaring a smaller dividend. Adjusting those losses against paid-up capital in reconstruction did not erase their character as earlier-year losses for dividend-distribution purposes. The Tribunal was also required under section 66(5) to rehear the matter and decide it in conformity with the High Court's answer once the earlier order was shown to be legally unsound. en-us Tue, 05 Dec 1967 00:00:00 +0530 Wed, 19 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5083 Losses incurred before a company's capital reconstruction remained relevant under section 23A of the Income-tax Act, 1922, because prior losses could still affect the company's financial position and the reasonableness of declaring a smaller dividend. Adjusting those losses against paid-up capital in reconstruction did not erase their character as earlier-year losses for dividend-distribution purposes. The Tribunal was also required under section 66(5) to rehear the matter and decide it in conformity with the High Court's answer once the earlier order was shown to be legally unsound. Case-Laws Income Tax Tue, 05 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5083