https://www.taxtmi.com/caselaws?id=69595 The ITAT Madras-B allowed the appeals, maintaining the tax liability but clarifying the computation of deemed dividends under section 2(22)(e) of the Income Tax Act. It held that accumulated profits include commercial profits up to the date of distribution, rejecting the argument that current profits awaiting finalization should be excluded. The ITAT emphasized the broad interpretation of accumulated profits and upheld the department's right to consider day-to-day profits for calculating deemed dividends, directing a re-calculation based on commercial profits. en-us Thu, 19 Dec 1996 00:00:00 +0530 Mon, 13 Jun 2011 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69595 The ITAT Madras-B allowed the appeals, maintaining the tax liability but clarifying the computation of deemed dividends under section 2(22)(e) of the Income Tax Act. It held that accumulated profits include commercial profits up to the date of distribution, rejecting the argument that current profits awaiting finalization should be excluded. The ITAT emphasized the broad interpretation of accumulated profits and upheld the department's right to consider day-to-day profits for calculating deemed dividends, directing a re-calculation based on commercial profits. Case-Laws Income Tax Thu, 19 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69595