https://www.taxtmi.com/caselaws?id=14366 Section 104 of the Income-tax Act was applied by placing the Income-tax Officer in the position of a prudent businessman and asking whether dividends ought to have been declared. The Tribunal found that the assessee, an investment company, invested surplus funds in units as part of its business expansion and not to evade tax. That factual finding was supported by the record, so interference was not justified. On those facts, section 104 was not attracted and the Tribunal's view was upheld in favour of the assessee. en-us Mon, 21 Feb 2000 00:00:00 +0530 Wed, 15 Jul 2009 14:00:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14366 Section 104 of the Income-tax Act was applied by placing the Income-tax Officer in the position of a prudent businessman and asking whether dividends ought to have been declared. The Tribunal found that the assessee, an investment company, invested surplus funds in units as part of its business expansion and not to evade tax. That factual finding was supported by the record, so interference was not justified. On those facts, section 104 was not attracted and the Tribunal's view was upheld in favour of the assessee. Case-Laws Income Tax Mon, 21 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14366