https://www.taxtmi.com/caselaws?id=276646 Section 23A of the Income-tax Act, 1922 was applied by treating "profits made" as real commercial profits available for distribution, not merely book figures or assessed income. The provision requires first that the declared dividend fall below the statutory percentage of reduced assessable income, and then a further inquiry into whether a larger dividend would be unreasonable having regard to the smallness of profits. On the facts, the books were unreliable, concealed receipts were added, and the year's commercial profits were sufficient to justify a larger dividend; even without bringing forward earlier profits, the result was the same. The section was therefore correctly applied against the assessee. en-us Thu, 22 Mar 1962 00:00:00 +0530 Thu, 15 Nov 2018 11:04:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276646 Section 23A of the Income-tax Act, 1922 was applied by treating "profits made" as real commercial profits available for distribution, not merely book figures or assessed income. The provision requires first that the declared dividend fall below the statutory percentage of reduced assessable income, and then a further inquiry into whether a larger dividend would be unreasonable having regard to the smallness of profits. On the facts, the books were unreliable, concealed receipts were added, and the year's commercial profits were sufficient to justify a larger dividend; even without bringing forward earlier profits, the result was the same. The section was therefore correctly applied against the assessee. Case-Laws Income Tax Thu, 22 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276646