In appeal, the Income tax Appellate Tribunal, Bombay, reversed the order of the Income tax authorities.
The companypany declared a dividend of Rs.
The Income tax Officer and the Appellate Assistant Commissioner rejected the claim because in their view the claimant was a companypany to which the provisions of s. 23A of the Income tax Act companyld number be made applicable.
49,843/ .
11,712/ on July 13, 1955, and before the close of the year of assessment 1955 56 declared an additional dividend of Rs.
Shah J. For the year of account ending March 31, 1955, Afco Private Ltd. a private limited companypany earned total income which was finally companyputed in assessment proceedings by order of the Income tax Tribunal, at Rs.
