Supreme Court · 1976 INSC 226 · Decided 21 September 1976
P. K. Badiani v. The Commissioner of Income Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1976 INSC 226 · [1977] 1 S.C.R. 638
- Case number
- CIVIL APPEAL No. 1695/1971
- Decided
- 21 September 1976
- Bench
- HANS RAJ KHANNA, N.L. UNTWALIA, JASWANT SINGH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(6A)(e), 66A(2)
Headnote
Income tax Act (11 of 1922), ss. 2(6A)(e) and 10(2)(vi-b)-Devclopment rebate treated as accumulated profits-Withdrawal of amo1111t by shareholder from Company's account-If withdrawal can be treated as dividmd since amount withdrawn is within accumulated profits. ' Under s. 2(6A)(e), Income Tax by a company, not being a company in which the public are substantially interested within the meaning of s. 23A, of any sum by way of advance to a shareholder to the extent to which the company possesses accumulated profits. The appellant-assessee was a shareholder in a company in which the
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