https://www.taxtmi.com/caselaws?id=49559 The Supreme Court upheld the High Court's decision that an assessee company was not liable to pay additional income-tax on excess dividends due to the absence of profits from previous years. The Court emphasized the importance of connecting excess dividends with past profits to determine tax liability accurately under the Finance Act, 1949. The judgment highlighted the necessity of adhering to statutory provisions and maintaining the fiction of linking excess dividends with profits from preceding years for the Act to be effective. en-us Wed, 04 May 1960 00:00:00 +0530 Mon, 16 Jan 2017 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49559 The Supreme Court upheld the High Court's decision that an assessee company was not liable to pay additional income-tax on excess dividends due to the absence of profits from previous years. The Court emphasized the importance of connecting excess dividends with past profits to determine tax liability accurately under the Finance Act, 1949. The judgment highlighted the necessity of adhering to statutory provisions and maintaining the fiction of linking excess dividends with profits from preceding years for the Act to be effective. Case-Laws Income Tax Wed, 04 May 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49559