https://www.taxtmi.com/caselaws?id=26521 Section 297(2)(e) of the Income-tax Act, 1961 preserved the operation of section 23A of the repealed 1922 Act for assessment years ending on or before 31 March 1962, and "assessment" was read to include reassessment. As a result, reassessed profits under the 1961 Act could be taken into account to test whether the statutory conditions for additional super-tax were met, and the invocation of section 23A was upheld. On the dividend issue, the absence of any proved agreement with the Department and the existence of distributable surplus on the reassessed figures meant the company ought to have declared a larger dividend; the shortfall justified action under section 23A. en-us Tue, 07 Jan 1986 00:00:00 +0530 Fri, 05 Feb 2010 15:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26521 Section 297(2)(e) of the Income-tax Act, 1961 preserved the operation of section 23A of the repealed 1922 Act for assessment years ending on or before 31 March 1962, and "assessment" was read to include reassessment. As a result, reassessed profits under the 1961 Act could be taken into account to test whether the statutory conditions for additional super-tax were met, and the invocation of section 23A was upheld. On the dividend issue, the absence of any proved agreement with the Department and the existence of distributable surplus on the reassessed figures meant the company ought to have declared a larger dividend; the shortfall justified action under section 23A. Case-Laws Income Tax Tue, 07 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26521