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Reduction of share capital Sec. 2(22)(d)

Income Tax - Income from Other Sources - 16 - SEC - 2(22)(d): REDUCTION OF SHARE CAPITAL Dividend includes any distribution to its shareholders by a company on reduction of its capital to the extent to which the company possesses accumulated profits, whether capitalized or not. Notes: Reduction of share capital by a company and paying off the balance to the shareholders would result in extinguishment of rights in the shares held by the shareholder and would amount to transfer. The amount receive .....

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