https://www.taxtmi.com/caselaws?id=36728 The High Court ruled in favor of the assessee, finding that the Tribunal erred in not considering the impact of the Indo-Pak war on the company's financial position. The Court held that the directors were justified in not declaring dividends due to the uncertainties caused by the war. The decision favored the assessee, with each party bearing its own costs. en-us Thu, 10 Aug 1978 00:00:00 +0530 Wed, 24 Mar 2010 11:40:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36728 The High Court ruled in favor of the assessee, finding that the Tribunal erred in not considering the impact of the Indo-Pak war on the company's financial position. The Court held that the directors were justified in not declaring dividends due to the uncertainties caused by the war. The decision favored the assessee, with each party bearing its own costs. Case-Laws Income Tax Thu, 10 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36728