1979 (5) TMI 62 - AT - Income Tax

Summary

The appeal was about the break-up value of shares in M/s Sundaram Industries Ltd. The assessee argued that proposed dividend should not be considered as an asset. The AAC and ITAT agreed, stating that proposed dividend is not a liability until approved by the general body meeting. The decision was based on a Supreme Court case. The appeal was dismissed. (Case Citation: 1979 (5) TMI 62 - ITAT MADRAS-A)