https://www.taxtmi.com/caselaws?id=168790 Under section 2(6A)(c) of the Income-tax Act, 1922, "accumulated profits" in a liquidation setting means profits previously accumulated and actually available for distribution, not profits earned during the current broken period before liquidation. On that construction, current broken-period profits were outside the statutory phrase. A later tax refund was also excluded because it was not in fact available when the distribution occurred, had been treated as a debit in the accounts, and a mere contingent right to refund did not create distributable accumulated profits without a statutory fiction. en-us Thu, 18 Nov 1965 00:00:00 +0530 Thu, 26 Mar 2015 16:34:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168790 Under section 2(6A)(c) of the Income-tax Act, 1922, "accumulated profits" in a liquidation setting means profits previously accumulated and actually available for distribution, not profits earned during the current broken period before liquidation. On that construction, current broken-period profits were outside the statutory phrase. A later tax refund was also excluded because it was not in fact available when the distribution occurred, had been treated as a debit in the accounts, and a mere contingent right to refund did not create distributable accumulated profits without a statutory fiction. Case-Laws Income Tax Thu, 18 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168790