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1966 (10) TMI 29 - SC - Income TaxWhether, on the facts and in the circumstances of the case, the sum of ₹ 75,000 or any part thereof could be treated as dividend under section 2(6A)(c) of the Indian Income-tax Act, 1922 ? Held that:- We discharge the answer recorded by the High Court, and record the answer that "that part of ₹ 75,000 which bears the same ratio to ₹ 75,000 which the accumulated profits at the date of liquidation bore to the total assets of the company immediately before liquidation is dividend ". In the present case the Tribunal has not determined what part of ₹ 75,000 represents accumulated profits. But on the view we have taken of the true meaning of section 2(6A)(c) of the Act, the Tribunal was bound to do so. Appeal allowed in part
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