https://www.taxtmi.com/caselaws?id=58445 The Appellate Tribunal ITAT BOMBAY-B allowed the appeal, canceling the order under section 104 for the assessment year 1976-77. It was deemed unreasonable to expect the assessee, a chemical manufacturing company, to declare dividends for the year 1975 due to small profits in relation to the company's expansion needs and financial resources. The Tribunal considered the company's need to retain earnings for its benefit, emphasizing the Directors' perspective and financial demands for expansion. The cancellation of the order favored the assessee, highlighting the company's justifiable decision not to declare dividends in 1975. en-us Tue, 08 Sep 1981 00:00:00 +0530 Mon, 20 Dec 2010 10:52:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58445 The Appellate Tribunal ITAT BOMBAY-B allowed the appeal, canceling the order under section 104 for the assessment year 1976-77. It was deemed unreasonable to expect the assessee, a chemical manufacturing company, to declare dividends for the year 1975 due to small profits in relation to the company's expansion needs and financial resources. The Tribunal considered the company's need to retain earnings for its benefit, emphasizing the Directors' perspective and financial demands for expansion. The cancellation of the order favored the assessee, highlighting the company's justifiable decision not to declare dividends in 1975. Case-Laws Income Tax Tue, 08 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58445