2003 (11) TMI 8

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..... r declaring of 20 per cent. was utilised. The Tribunal has found that there was no prohibition in law against the declaration of a higher percentage of dividend and that the figure mentioned in the letter of the Reserve Bank was only the figure which the assessee itself had proposed to the Reserve Bank. The Reserve Bank merely gave the permission that had been sought. - Tribunal, therefore, rightl .....

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..... allowed it to declare a dividend of 20 per cent. and, therefore, only that amount which was required for declaring of 20 per cent. was utilised. The Tribunal has found that there was no prohibition in law against the declaration of a higher percentage of dividend and that the figure mentioned in the letter of the Reserve Bank was only the figure which the assessee itself had proposed to the Reser .....

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