https://www.taxtmi.com/caselaws?id=276047 Section 23A(1) of the Income-tax Act, 1922 was treated as applying both where a company declared less than the prescribed dividend and where it declared none at all, because the provision was aimed at securing adequate distribution of profits. An order under Section 23A was held not to be barred by limitation under Section 34(2), since it was a special power under Section 23A and no limitation period was prescribed for it. In judging whether dividend distribution would be unreasonable, the smallness of profits was confined to the statutory inquiry and could not be expanded to include extraneous considerations such as paid-up capital or the length of business operations. en-us Tue, 22 Mar 1949 00:00:00 +0530 Fri, 26 Oct 2018 10:08:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276047 Section 23A(1) of the Income-tax Act, 1922 was treated as applying both where a company declared less than the prescribed dividend and where it declared none at all, because the provision was aimed at securing adequate distribution of profits. An order under Section 23A was held not to be barred by limitation under Section 34(2), since it was a special power under Section 23A and no limitation period was prescribed for it. In judging whether dividend distribution would be unreasonable, the smallness of profits was confined to the statutory inquiry and could not be expanded to include extraneous considerations such as paid-up capital or the length of business operations. Case-Laws Income Tax Tue, 22 Mar 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276047