https://www.taxtmi.com/caselaws?id=19434 The court held that the proposed dividends were not deductible in the computation of capital employed under section 80J(1A) of the Income-tax Act, 1961 as a debt owed. Relying on the decision in Kesoram Industries and Cotton Mills Ltd. v. CWT [1966] 59 ITR 767, the court emphasized that until the dividends were officially declared, they did not constitute a debt owed. The court affirmed the Tribunal's decision, stating that the proposed dividends were not a debt owed on the relevant date for deduction purposes. The petitions were dismissed based on statutory provisions and the precedent set by the Supreme Court. en-us Sat, 05 Nov 1994 00:00:00 +0530 Fri, 06 Nov 2009 11:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19434 The court held that the proposed dividends were not deductible in the computation of capital employed under section 80J(1A) of the Income-tax Act, 1961 as a debt owed. Relying on the decision in Kesoram Industries and Cotton Mills Ltd. v. CWT [1966] 59 ITR 767, the court emphasized that until the dividends were officially declared, they did not constitute a debt owed. The court affirmed the Tribunal's decision, stating that the proposed dividends were not a debt owed on the relevant date for deduction purposes. The petitions were dismissed based on statutory provisions and the precedent set by the Supreme Court. Case-Laws Income Tax Sat, 05 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19434