https://www.taxtmi.com/caselaws?id=18124 The court ruled that no additional tax was leviable under section 104 of the Income-tax Act due to the existing tax liabilities from earlier years. It found that the company's profits were insufficient to cover past tax liabilities, resulting in a negative profit situation for the current year. The court emphasized the need for proper adjustment of tax liabilities against provisions made by the company and highlighted errors in assessing the provision for taxation, ultimately negating the imposition of additional tax under section 104. en-us Thu, 03 Oct 1996 00:00:00 +0530 Sat, 26 Sep 2009 18:30:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18124 The court ruled that no additional tax was leviable under section 104 of the Income-tax Act due to the existing tax liabilities from earlier years. It found that the company's profits were insufficient to cover past tax liabilities, resulting in a negative profit situation for the current year. The court emphasized the need for proper adjustment of tax liabilities against provisions made by the company and highlighted errors in assessing the provision for taxation, ultimately negating the imposition of additional tax under section 104. Case-Laws Income Tax Thu, 03 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18124