2000 (11) TMI 1256

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....revenue because of the postponement of the declaration of the dividend for the previous year. The Tribunal has, therefore, held that the order under section 104(1) of the Income-tax Act, 1961 should not have been made by the ITO for the assessment years 1977-78 and 1978-79. In these years dividend was found to have been declared after the expiry of the period of twelve months from the end of the r....

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....ction (1) of section 104 would not have resulted in any benefit to the revenue. The Court also held that the powers exercisable by the ITO and the orders that could be made by him, could be exercised and made by the Tribunal in appeal. 3. In the light of the finding of the Tribunal that the revenue would not have secured any benefit if the dividend had, in fact, been distributed within the period....