1986 (2) TMI 5

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....income-tax in the assessment year 1964-65, the relevant accounting year ending on December 31, 1963. The assessee had declared a dividend of Rs. 5,625 in the said year. The Income-tax Officer computed the total assessable income of the assessee in the said assessment year to be Rs. 1,93,835. He found that after deduction from the said total income the assessed tax and donation under section 88 ....

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....ar and held that under section 104 of the Income-tax Act, 1961, the assessee was required to declare 60% of the surplus as dividend which the assessee had failed to do. The Income-tax Officer, therefore, imposed an additional super-tax at the rate of 37% on the distributable income, namely, Rs. 76,783, as reduced by the dividend declared. Such additional super-tax was assessed at Rs. 26,328.46.....

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....that the credits represented its concealed income or were receipts deliberately omitted from its account to be added back to its profit. The Tribunal also held that donation of Rs. 1,001 should be deducted from the assessee's total income as also the tax payable being Rs. 52,569. The available surplus according to the Tribunal was computed at only Rs. 20,977. The Tribunal found that to ascertain t....

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....nd circumstances as on record, it appears to us that the Revenue has failed to make out a case requiring our interference with the conclusion of the Tribunal. The calculation on the basis of which the Tribunal has proceeded has not been specifically challenged and stands admitted. The law on the controversy stands well settled by several decisions of this court including the following: (a) CIT ....