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TMI Blog2013 (3) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... s shareholders. This being so, there is no question of applicability of Section 104 of the Income Tax Act. The view taken by the Tribunal in this regard is perfectly justified - in favour of the assessee. - INCOME TAX REFERENCE No. - 17 of 1994 - - - Dated:- 14-2-2013 - Prakash Krishna And Ram Surat Ram (Maurya),JJ. Petitioner Counsel :- Sc, A. Kumar, A.N. Mahajan, B. Agarwal, D. Awasthi, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant assessment year, the assessment was completed on 6.3.1985, determining total income at Rs. 1,33,220/-. The Assessing Officer invoked Section 104(1) of the Income Tax Act and levied addtional income tax. The said order has been set aside in appeal by the First Appellate Tribunal and the order of the First Appellate Tribunal has been confirmed by the Tribunal. Heard Sri R. K. Upadhyay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same cannot be lost sight of so far as the question of declaration of divident is concerned, it is, therefore, the actual accounting profits which are to be taken into account for the purposes of declaration of dividend of larger dividend and not the assessable profit which are determined for the purposes of the Income Tax. In view of the same, I am inclined to accept the submission made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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