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1979 (3) TMI 12 - HC - Income TaxExtract: .......annot be treated as accumulated profits. If there are no accumulated profits then there is no question of any deemed dividend attracting the provisions of s. 2(22)(c). In this view, both the questions are answered in the affirmative and against the revenue. The revenue will pay the costs of the assessees in each case. Counsel s fee Rs. 100 in each.
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