Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (6) TMI 263 - AT - Income TaxAddition - Deemed dividend - assessee was holding more than 10 per cent shares of M/s. Western Agencies (Madras) (P.) Ltd. M/s. Western Agencies (Madras) (P.) Ltd. was a closely held company. - The expression "accumulated profits" appearing in the Explanations 1 and 2 of section 2(22)(e) of the Act is not linked to Schedule VI of the Companies Act or profit and loss account and balance sheet prepared under the Companies Act - it would not be possible to come to a conclusion that "accumulated profits" mentioned in section 2(22)(e) of the Act would be always equal to reserve and surplus mentioned in a balance sheet prepared under the Companies Act - Resultantly, the accumulated profits would effectively be a negative figure only - Decided in favor of the assessee
|