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1971 (8) TMI 54 - HC - Income TaxLoan to shareholder exceeds the accumulated profits - Whether only 1/300th being the proportion of the number of shares of the company held by the assessee to the total number of shares of the company, of the accumulated profits of the company can be treated as dividend under section 2(6A)(e) – on a proper interpretation of section 2(6A)(e), the question is answered in the negative - whole of the sum would be liable to be taxed as dividend in the hands of the assessee u/s 2(6A)(e)
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