https://www.taxtmi.com/caselaws?id=10291 Additional tax under section 104 of the Income-tax Act was held leviable where a banking company failed to distribute the required portion of its distributable income as dividend. Reserve Bank permission to declare only a 20% dividend did not override the statutory obligation, because that permission was granted without prejudice to compliance with other laws and merely reflected what had been sought. The Income-tax Act duty to distribute income for avoiding additional tax prevailed, and there was no legal bar to declaring a higher dividend. en-us Mon, 17 Nov 2003 00:00:00 +0530 Mon, 13 Jul 2009 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10291 Additional tax under section 104 of the Income-tax Act was held leviable where a banking company failed to distribute the required portion of its distributable income as dividend. Reserve Bank permission to declare only a 20% dividend did not override the statutory obligation, because that permission was granted without prejudice to compliance with other laws and merely reflected what had been sought. The Income-tax Act duty to distribute income for avoiding additional tax prevailed, and there was no legal bar to declaring a higher dividend. Case-Laws Income Tax Mon, 17 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10291