1998 (3) TMI 54 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee in a case regarding additional income-tax under section 104 of the Income-tax Act, 1961 for the assessment year 1975-76. The Tribunal found that the belated distribution of dividends did not prejudice the Revenue, and therefore, the Income-tax Officer could not make an order under section 104(1) of the Act. The Court affirmed the Tribunal's decision, holding in favor of the assessee.