Distribution of assets in the event of Liquidation [Sec. 2(22)(c)]

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....y immediately before its liquidation, whether capitalized or not. Notes: * The FMV of assets on date of distribution shall be considered for determining the deemed dividend. * Distribution is deemed as dividend to the extent of accumulated profits, whether capitalized or not, immediately before liquidation. * Section 46(1): Notwithstanding anything contained in section 45, where the assets ....