1990 (4) TMI 39

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssment year 1976-77, the Income-tax Officer invoked section 104 of the Income-tax Act, 1961, and levied additional tax, of Rs. 18,540 on account of non-distribution of dividend. The profits which were available for distribution, according to the Income-tax Officer, was Rs. 37,083. In appeal, the Commissioner of Income-tax (Appeals) deleted the tax after coming to the conclusion that, judged fro....