1997 (10) TMI 6

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..... rpose of imposition of tax u/s 104 - The company being an investment company did not have any trading activity - The profit attributable to sale of investment may be assessable as capital gains. But there is no reason why such gains made by investment companies are not available for distribution as dividend to its shareholders
S. C. SEN AND S. SAGHIR AHMAD JJ. For the Appellant : Ms. A. K. Ver .....

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..... We are of the view that the High Court has come to the right decision. The company being an investment company did not have any trading activity. It bought and sold its investments from time to time. The profit attributable to sale of investment may be assessable as capital gains. But we see no reason why such gains made by investment companies are not available for distribution as dividend to i .....

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