Supreme Court · 1998 INSC 40 · Decided 23 January 1998
The Commissioner of Income-Tax, Madras v. Urmila Ramesh
- Court
- Supreme Court of India
- Citation
- 1998 INSC 40 · [1998] 1 S.C.R. 323
- Case number
- CIVIL APPEAL No. 2141/1982
- Decided
- 23 January 1998
- Bench
- S.C. AGRAWAL, B.N. KIRPAL, S. RAJENDRA BABU (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(22)(c), 32, 41(2)
Headnote
B Income Tax Act, 1961 : Ss. 2(22)(c), 32(/)(iii) and 41 (2)-Assessees-shareholders of company­ Liquidation-Amount realized on sale of assets in excess of written down C value but less than purchase price-Distribution of dividends to shareholders-Assessment order treating the sale amount as of-Held, amount received by the company on sale of assets does not constitute" accumulated profit"-Return of capital on sale of assets is not D capable of being capitalised and hence is not "deemed dividend"-Jncome Tax Act, 1922-Section I 0(2)(vii). Section
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