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TMI Blog1981 (8) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore passed an order u/s 104 of the IT Act levying additional income-tax of Rs. 19,735. 2. The assessee took the matter to the ld. CIT (Appeals). The CIT (Appeals)noted that the assessee was eligible for 80J relief for asst. yrs. 1969-70 to 1973-74 totalling to Rs. 3,30,615. It was urged before his that even if the assessee had declared dividend covering distributable profits there would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable whenever the assessee declared dividend. Even if there was surplus in the intermediate years but no dividend was declared would not mean that 80K relief would be denied in subsequent years. Whenever the assessee declared dividend, atleast to the extent of 80J relief earned in the earlier years dividend had to be adjusted against 80J relief which would qualify for benefit under s. 80K. Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idend for the year under consideration i.e. 1976-77, the shareholders would have been entitled to relief in view of s. 80K to the extent of Rs. 84,905. The distributable income of this year was Rs. 78,940 and the statutory percentage applicable required the assessee to declare 45 per cent thereof i.e. 35,748, as dividend. The entire amount would have qualified for relief under s. 80K and there wou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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