1988 (8) TMI 46 - HC - Income Tax

Summary

The High Court of Madhya Pradesh upheld the Income-tax Appellate Tribunal's decision that additional tax was rightly levied on the assessee for default in distributing dividends, as per the law in force on April 1, 1977. The Tribunal found the default occurred on April 1, 1977, making the assessee liable for additional tax under section 104 of the Income-tax Act, 1961. The court ruled in favor of the Tribunal and directed each party to bear their own costs.