https://www.taxtmi.com/caselaws?id=6021 Capital gains from the sale of investments by an investment company were treated as profits or gains available for distribution in applying section 104 of the Income-tax Act, 1961. The company was found to have no trading activity, and the gains from sale of investments were therefore brought into the profit pool for dividend-distribution purposes. Section 104 was read as requiring distribution of the prescribed percentage of profits or gains, and no factual basis was shown for retaining the gains on any legitimate business requirement. The capital gains were includible for section 104, and the appeal failed. en-us Wed, 01 Oct 1997 00:00:00 +0530 Thu, 30 Aug 2018 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6021 Capital gains from the sale of investments by an investment company were treated as profits or gains available for distribution in applying section 104 of the Income-tax Act, 1961. The company was found to have no trading activity, and the gains from sale of investments were therefore brought into the profit pool for dividend-distribution purposes. Section 104 was read as requiring distribution of the prescribed percentage of profits or gains, and no factual basis was shown for retaining the gains on any legitimate business requirement. The capital gains were includible for section 104, and the appeal failed. Case-Laws Income Tax Wed, 01 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6021