https://www.taxtmi.com/caselaws?id=169586 Profits transferred from a profit and loss account to a general reserve remained part of accumulated profits because the funds were still available for lawful distribution and had not been capitalised or otherwise irretrievably spent; the issue was answered for the Revenue. Net overdrawings in shareholders' current accounts were also treated as payments falling within the deeming provision because company funds were used for personal expenses and liabilities, debited to the accounts, and the course of dealings showed an implied obligation of reimbursement; the issue was answered for the Revenue as deemed dividends. en-us Wed, 12 Sep 1962 00:00:00 +0530 Mon, 27 Apr 2015 12:22:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169586 Profits transferred from a profit and loss account to a general reserve remained part of accumulated profits because the funds were still available for lawful distribution and had not been capitalised or otherwise irretrievably spent; the issue was answered for the Revenue. Net overdrawings in shareholders' current accounts were also treated as payments falling within the deeming provision because company funds were used for personal expenses and liabilities, debited to the accounts, and the course of dealings showed an implied obligation of reimbursement; the issue was answered for the Revenue as deemed dividends. Case-Laws Income Tax Wed, 12 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169586