https://www.taxtmi.com/caselaws?id=58953 The Tribunal ruled in favor of the department, holding that the retention of profits and transfer to reserves do not constitute "negative expenditure" under section 48(ii) of the Income-tax Act, 1961. Shareholders do not have a legal right to claim profits before dividend declaration, and the market value of shares is influenced by multiple factors. The appeals by the Investment Corporation of India were dismissed, with cases involving Asbestos Cement Ltd. and Blundell Permoglaze Holdings Ltd. to be decided separately. en-us Mon, 15 Feb 1982 00:00:00 +0530 Thu, 23 Dec 2010 13:01:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58953 The Tribunal ruled in favor of the department, holding that the retention of profits and transfer to reserves do not constitute "negative expenditure" under section 48(ii) of the Income-tax Act, 1961. Shareholders do not have a legal right to claim profits before dividend declaration, and the market value of shares is influenced by multiple factors. The appeals by the Investment Corporation of India were dismissed, with cases involving Asbestos Cement Ltd. and Blundell Permoglaze Holdings Ltd. to be decided separately. Case-Laws Income Tax Mon, 15 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58953