https://www.taxtmi.com/caselaws?id=63666 Receipt on surrender of shares was examined under section 2(22)(d) to determine whether it constituted deemed dividend or short-term capital gains. The Tribunal held that the statutory conditions for deemed dividend were not met because the company lacked accumulated profits on the relevant date. As the payment arose from surrender of shares and not from distributable profits, the amount was not taxable as deemed dividend and was assessable only as capital gains from the share surrender. en-us Thu, 05 Dec 1985 00:00:00 +0530 Tue, 22 Feb 2011 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63666 Receipt on surrender of shares was examined under section 2(22)(d) to determine whether it constituted deemed dividend or short-term capital gains. The Tribunal held that the statutory conditions for deemed dividend were not met because the company lacked accumulated profits on the relevant date. As the payment arose from surrender of shares and not from distributable profits, the amount was not taxable as deemed dividend and was assessable only as capital gains from the share surrender. Case-Laws Income Tax Thu, 05 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63666