https://www.taxtmi.com/caselaws?id=34207 The Tribunal upheld the Assessing Officer's decision to apply the statutory tax rate to the company for not declaring dividends, as justified reasons for non-declaration were deemed unacceptable. The Tribunal found the company's profits were not small enough to warrant non-declaration, emphasizing the substantial net profit available for distribution. Ruling in favor of the revenue, the Tribunal highlighted the importance of complying with dividend declaration requirements under Section 104 of the Income Tax Act, as exceptions under Section 104(2) did not apply. en-us Wed, 08 Jul 2009 00:00:00 +0530 Fri, 03 Sep 2010 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34207 The Tribunal upheld the Assessing Officer's decision to apply the statutory tax rate to the company for not declaring dividends, as justified reasons for non-declaration were deemed unacceptable. The Tribunal found the company's profits were not small enough to warrant non-declaration, emphasizing the substantial net profit available for distribution. Ruling in favor of the revenue, the Tribunal highlighted the importance of complying with dividend declaration requirements under Section 104 of the Income Tax Act, as exceptions under Section 104(2) did not apply. Case-Laws Income Tax Wed, 08 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34207