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1970 (4) TMI 21 - SC - Income TaxQuestion whether the distribution was dividend had to be determined in the light of the IT Act - amount distributed as dividend out of the current profits could not, in the state of the law in force in the year of asst. 1955-56, be deemed dividend in the hands of the shareholders - Tribunal was right in holding that the sums of Rs. 81,611 and Rs. 1,49,444 were not the part of the accumulated profits of the company as contemplated under s. 2(6A) - Revenue's appeal dismissed
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