1967 (12) TMI 21

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..... rated company by name Tinnevelly Farms and Orchards Limited. By about May, 1955, the assessee acquired all the remaining shares of that company. The result was that on May 11, 1955, the company was struck off the register of companies. During the assessment year 1957-58, with which this reference is concerned, the assessee sold all the assets of the company and realised Rs. 72,778 after payment of .....

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..... y on its liquidation to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalised or not." In order that this provision should apply, it is sine quanon that there must be a liquidation and in such liquidation there is distribution and that distribution is attributable to the accumulated profits of the com .....

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