https://www.taxtmi.com/caselaws?id=22251 The High Court upheld the decision of the Tribunal to dismiss the company's application seeking reference on the applicability of Section 104 of the Income-tax Act, 1961. The court found that the company's decision to withhold dividends for future expansion lacked credible evidence, with interpolations in the board minutes book and insufficient proof of expansion plans at the time. Emphasizing the importance of contemporaneous and valid evidence, the judgment highlights the necessity for clear documentation to support business decisions affecting tax liabilities under Section 104. en-us Thu, 15 Nov 1990 00:00:00 +0530 Tue, 08 Dec 2009 13:22:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22251 The High Court upheld the decision of the Tribunal to dismiss the company's application seeking reference on the applicability of Section 104 of the Income-tax Act, 1961. The court found that the company's decision to withhold dividends for future expansion lacked credible evidence, with interpolations in the board minutes book and insufficient proof of expansion plans at the time. Emphasizing the importance of contemporaneous and valid evidence, the judgment highlights the necessity for clear documentation to support business decisions affecting tax liabilities under Section 104. Case-Laws Income Tax Thu, 15 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22251