https://www.taxtmi.com/caselaws?id=38310 Where a company's accepted figures, after accounting for carried-forward losses and outstanding tax liability, left no distributable surplus, it was justified in not declaring a dividend. On that basis, the commercial profits question under section 23A of the Indian Income-tax Act, 1922, did not arise separately, because the company could not be treated as having profits available for distribution. The section therefore did not support levy of super-tax on the facts. The decisive inquiry is whether any real surplus remained for dividend distribution after allowing for losses and tax liabilities; if none remained, section 23A is not attracted. en-us Tue, 27 Sep 1977 00:00:00 +0530 Mon, 05 Apr 2010 13:29:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38310 Where a company's accepted figures, after accounting for carried-forward losses and outstanding tax liability, left no distributable surplus, it was justified in not declaring a dividend. On that basis, the commercial profits question under section 23A of the Indian Income-tax Act, 1922, did not arise separately, because the company could not be treated as having profits available for distribution. The section therefore did not support levy of super-tax on the facts. The decisive inquiry is whether any real surplus remained for dividend distribution after allowing for losses and tax liabilities; if none remained, section 23A is not attracted. Case-Laws Income Tax Tue, 27 Sep 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38310