https://www.taxtmi.com/caselaws?id=29586 The Tribunal upheld the decision not to levy additional income tax on a company's undistributed income, as the company's prior losses, supported by appellate decisions, justified the non-distribution of dividends. The Tribunal disregarded assessment orders and relied on revised findings from appeals to determine the reality and extent of the losses, emphasizing the need for evidence to support the Income Tax Officer's conclusions on prior losses. The department's appeal was dismissed, and the Commissioner of Income Tax was directed to bear the assessee's costs. en-us Wed, 16 Sep 1981 00:00:00 +0530 Sat, 13 Mar 2010 18:20:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29586 The Tribunal upheld the decision not to levy additional income tax on a company's undistributed income, as the company's prior losses, supported by appellate decisions, justified the non-distribution of dividends. The Tribunal disregarded assessment orders and relied on revised findings from appeals to determine the reality and extent of the losses, emphasizing the need for evidence to support the Income Tax Officer's conclusions on prior losses. The department's appeal was dismissed, and the Commissioner of Income Tax was directed to bear the assessee's costs. Case-Laws Income Tax Wed, 16 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29586