https://www.taxtmi.com/caselaws?id=271139 The tribunal ruled in favor of the assessee in a tax case concerning the exclusion of exempt capital gains from accumulated profits for the purpose of section 2(22)(e) of the Income Tax Act. The tribunal held that exempt capital gains should not be included in accumulated profits, resulting in negative accumulated profits, thereby precluding the invocation of section 2(22)(e). Additionally, the tribunal determined that section 2(22)(e) could not be applied to non-shareholder family members of the assessee. As a result, the assessee's appeal was allowed, and the revenue's appeal was dismissed. en-us Fri, 20 Nov 2015 00:00:00 +0530 Wed, 27 Jan 2016 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271139 The tribunal ruled in favor of the assessee in a tax case concerning the exclusion of exempt capital gains from accumulated profits for the purpose of section 2(22)(e) of the Income Tax Act. The tribunal held that exempt capital gains should not be included in accumulated profits, resulting in negative accumulated profits, thereby precluding the invocation of section 2(22)(e). Additionally, the tribunal determined that section 2(22)(e) could not be applied to non-shareholder family members of the assessee. As a result, the assessee's appeal was allowed, and the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 20 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271139