https://www.taxtmi.com/caselaws?id=8245 The court dismissed the writ petition challenging the assessment of a private limited investment company for income-tax, emphasizing that the income-tax authorities must adhere to the provisions of the Income-tax Act rather than the Companies Act. The court did not decide on the validity of the assessment under Section 104(1) and declined to interfere with the application of Section 104(2), stating that it involves factual considerations and discretion under the Income-tax Act. The judgment underscores the need for revenue authorities to properly adjudicate issues related to taxation liabilities for companies, particularly concerning dividend distribution and profit considerations. en-us Tue, 16 Mar 1971 00:00:00 +0530 Mon, 06 Apr 2009 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8245 The court dismissed the writ petition challenging the assessment of a private limited investment company for income-tax, emphasizing that the income-tax authorities must adhere to the provisions of the Income-tax Act rather than the Companies Act. The court did not decide on the validity of the assessment under Section 104(1) and declined to interfere with the application of Section 104(2), stating that it involves factual considerations and discretion under the Income-tax Act. The judgment underscores the need for revenue authorities to properly adjudicate issues related to taxation liabilities for companies, particularly concerning dividend distribution and profit considerations. Case-Laws Income Tax Tue, 16 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8245