https://www.taxtmi.com/caselaws?id=59112 The Tribunal held that the declaration of additional dividends at an extraordinary general meeting constituted "distribution of dividends" under section 105 of the Income-tax Act, 1961. The Tribunal emphasized that the declaration created an enforceable debt for shareholders, satisfying the distribution requirement. It was concluded that the declaration amounted to further distribution of profits, meeting the conditions of section 105. As a result, the levy of additional income tax under section 104 was deemed unjustified, and the appeal was allowed, overturning the order of the Income Tax Officer. en-us Thu, 17 May 1984 00:00:00 +0530 Sat, 25 Dec 2010 11:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59112 The Tribunal held that the declaration of additional dividends at an extraordinary general meeting constituted "distribution of dividends" under section 105 of the Income-tax Act, 1961. The Tribunal emphasized that the declaration created an enforceable debt for shareholders, satisfying the distribution requirement. It was concluded that the declaration amounted to further distribution of profits, meeting the conditions of section 105. As a result, the levy of additional income tax under section 104 was deemed unjustified, and the appeal was allowed, overturning the order of the Income Tax Officer. Case-Laws Income Tax Thu, 17 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59112