https://www.taxtmi.com/caselaws?id=193240 Section 23A was applied on the basis of the company's failure to distribute the required dividend, and the provision was held to be usable by the successor-in-office of the Income-tax Officer without any bar of limitation merely because the assessment under section 23(4) had already been completed. A payment made to compound criminal proceedings was held not to be expenditure laid out wholly and exclusively for business and therefore could not reduce the assessable income for section 23A purposes. The expression "assessable income" was construed to mean the income determined under the Act for tax purposes, not the figure shown in the company's books. en-us Fri, 17 Dec 1954 00:00:00 +0530 Wed, 19 Jul 2017 18:09:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193240 Section 23A was applied on the basis of the company's failure to distribute the required dividend, and the provision was held to be usable by the successor-in-office of the Income-tax Officer without any bar of limitation merely because the assessment under section 23(4) had already been completed. A payment made to compound criminal proceedings was held not to be expenditure laid out wholly and exclusively for business and therefore could not reduce the assessable income for section 23A purposes. The expression "assessable income" was construed to mean the income determined under the Act for tax purposes, not the figure shown in the company's books. Case-Laws Income Tax Fri, 17 Dec 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193240