Supreme Court · 1970 INSC 107 · Decided 24 April 1970
The Commissioner of Income-Tax, Madras v. M. V. Murugappan & ORS.
- Court
- Supreme Court of India
- Citation
- 1970 INSC 107 · [1971] 1 S.C.R. 377
- Case number
- CIVIL APPEAL No. 566/1967
- Decided
- 24 April 1970
- Bench
- J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 66(1)
Headnote
Income Tax Act. 1922, s. 2(6-A)(c)--Company i11 liquidation-Distri­ bution of profits earned in year of liquidation to shareholders if liable to tax q.s dividend. The respondents were shareholders of a public limited company. The Company ll'aintained ito accounts according to the Calendar Y 31, 1954. The Liquidators of the company distributed on March IO, 1955 among the sharcnoldero for each share of the cornpany a share of another company " share of equal face value. The d·istribution was made out of profits earned by the company between January 1, 1954 and October
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)