https://www.taxtmi.com/caselaws?id=13043 The High Court held that capital gains should not be considered for computing commercial profits under section 104 of the Income-tax Act, 1961. The Court emphasized that capital gains are part of assessable income and should be included in distributable income calculations. The Tribunal's decision to cancel the Income-tax Officer's orders under section 104 for the assessment years 1974-75 and 1975-76 was deemed incorrect. The Court ruled in favor of the Revenue and against the assessee, concluding that capital gains, including those from tax-exempt agricultural land, must be considered for dividend declaration purposes. en-us Fri, 25 May 2001 00:00:00 +0530 Tue, 26 May 2009 10:56:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13043 The High Court held that capital gains should not be considered for computing commercial profits under section 104 of the Income-tax Act, 1961. The Court emphasized that capital gains are part of assessable income and should be included in distributable income calculations. The Tribunal's decision to cancel the Income-tax Officer's orders under section 104 for the assessment years 1974-75 and 1975-76 was deemed incorrect. The Court ruled in favor of the Revenue and against the assessee, concluding that capital gains, including those from tax-exempt agricultural land, must be considered for dividend declaration purposes. Case-Laws Income Tax Fri, 25 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13043