https://www.taxtmi.com/caselaws?id=55172 The Tribunal accepted the assessee's submissions and deleted the additional tax levied under section 104 of the Income-tax Act, 1961. Emphasizing the importance of considering the company's financial commitments and board decisions, the Tribunal held that the revenue failed to prove willful default. Citing judicial precedents, the Tribunal concluded that the assessee's reasons for not declaring a dividend were justified, considering financial commitments and prevailing conditions. Therefore, the Tribunal allowed the assessee's appeal and dismissed the revenue's appeal. en-us Sat, 19 May 1984 00:00:00 +0530 Wed, 24 Nov 2010 12:21:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55172 The Tribunal accepted the assessee's submissions and deleted the additional tax levied under section 104 of the Income-tax Act, 1961. Emphasizing the importance of considering the company's financial commitments and board decisions, the Tribunal held that the revenue failed to prove willful default. Citing judicial precedents, the Tribunal concluded that the assessee's reasons for not declaring a dividend were justified, considering financial commitments and prevailing conditions. Therefore, the Tribunal allowed the assessee's appeal and dismissed the revenue's appeal. Case-Laws Income Tax Sat, 19 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55172