1989 (8) TMI 7

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..... Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, any larger dividend than that declared by the assessee-company could reasonably be distributed within the meaning of section 104 of the Income-tax Act, 1961, and the application of section 104 of the Income-tax Act, 1961, was in accordance with law ? " The assessment year involved in this reference is the assess .....

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..... eated, even then the company could have distributed a larger percentage of dividend. There were sufficient funds in the hands of the company to create statutory reserves and pay the required percentage of dividends. The Income-tax Officer was also of the same view. The Tribunal, however, has not examined the accounts to find out whether it was possible for the assessee-company to distribute a la .....

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