Forgot password
New User/ Regiser
⇒ Register to get Live Demo
1998 (1) TMI 2 - SC - Income Tax
Liquidation of a company - amount received on sale of assets - assessability - revenue's contention that the amount distributed was the accumulated profits of the Company and assessable as "deemed dividend" u/s 2(22), is not acceptable because amount taxed under section 41(2) in the hands of company did not represent "accumulated profits" for the purpose of s. 2(22)