https://www.taxtmi.com/caselaws?id=60888 The tribunal rejected the assessee's appeal, upholding the levy of tax under section 104 of the Income-tax Act, 1961, for failure to declare dividends despite having sufficient profits. The tribunal found the order valid, dismissing arguments regarding past losses, loan repayments, and profit considerations as unsubstantiated. It held that section 104 applies even when no dividends are declared, emphasizing the requirement for companies to distribute profits. The appeal was dismissed, affirming the imposition of tax and emphasizing compliance with dividend distribution obligations. en-us Fri, 28 Oct 1994 00:00:00 +0530 Sat, 08 Jan 2011 14:27:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60888 The tribunal rejected the assessee's appeal, upholding the levy of tax under section 104 of the Income-tax Act, 1961, for failure to declare dividends despite having sufficient profits. The tribunal found the order valid, dismissing arguments regarding past losses, loan repayments, and profit considerations as unsubstantiated. It held that section 104 applies even when no dividends are declared, emphasizing the requirement for companies to distribute profits. The appeal was dismissed, affirming the imposition of tax and emphasizing compliance with dividend distribution obligations. Case-Laws Income Tax Fri, 28 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60888