Deemed dividend on asset distribution: accumulated profits and market value govern taxation, with shareholder exemption indicated. Dividend includes any distribution of assets by a company to its shareholders to the extent of accumulated profits, whether capitalised or not. For such distribution, the market value of the asset on the date of distribution is used for computing the dividend. The deemed dividend is taxable in the hands of the company, and the corresponding shareholder exemption is indicated under the relevant exemption provision.