The Income Tax Officer initiated proceedings under Section 104 of the Act, demanding additional income tax of Rs.31,434/ .
Having failed before the said Authority, a further appeal was preferred before the Appellate Tribunal which, in turn, rejected the said appeal and on a prayer made by the Company, the Tribunal referred the abovenoted question for opinion of the High Court.
Against the said assessment order, the respondent Company preferred an appeal before the Appellate Assistant Commissioner.
The following question was referred to the High Court for its opinion under Section 256 1 of the Income Tax Act, 1961 hereinafter referred to as the Act Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the provision of Section 104 of the Income tax Act, 1961 was applicable to the instant case for the assessment year 1975 76?
SANTOSH HEGDE, J. This appeal arises from the judgment and order of the High Court of Karnataka dated 13.12.1989 made in I.T.R.C. No.21/82.
The assessing authority assessed the income of the Company for the assessment year 1975 76 at Rs.6,27,430/ holding that the Company did number distribute any dividend to its shareholders.
