1980 (1) TMI 113

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.... of the CIT (A) in determining the available surplus of Rs. 12,490 as against Rs. 14,839 in the first year and finding that there is no surplus for determination for the second year and cancelling both the orders of the ITO under s. 104. 2. The assessee, which is a trading company, did not declare any dividend for both the years under consideration, was subjected to penalty tax of Rs. 5,498 and....

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....es of Rs. 100 each. He also submitted that the required dividend would have been hardly of 90 paise per share. It was after full consideration that the dividends were not declared, the amount available being insignificant, and he relied upon the order of the CIT (A) for both the years. 4. After considering the submissions made by both the parties and going through the details of income returned....