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1997 (2) TMI 2 - SC - Income TaxI. T. O. brought to tax the accumulated profits of a company in liquidation representing the sale of the companies assets as deemed dividend u/s 2(22)(c) - Once it is profit, it is so for all purposes, and any distribution made out of such an amount should be assessed in the hands of shareholders as dividends - Section 41(2) of the 1961 Act plainly makes the "excess" amount "chargeable" as "income". If it is so, it will be taken in by section 2(24) - matter referred to larger bench
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