https://www.taxtmi.com/caselaws?id=180891 For the purpose of section 35(10) of the Income-tax Act, 1922, a distribution made by a liquidator to shareholders on liquidation was treated as a dividend because the statutory definition of dividend expressly included distributions out of accumulated profits on liquidation. The use of the word "declaring" in section 35(10) did not exclude liquidation distributions from that meaning, and the deeming provision had to be given full effect in context. The Income-tax Officer was therefore entitled to recompute the rebate originally allowed to the company. en-us Mon, 16 Jan 1961 00:00:00 +0530 Mon, 04 Apr 2016 11:56:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180891 For the purpose of section 35(10) of the Income-tax Act, 1922, a distribution made by a liquidator to shareholders on liquidation was treated as a dividend because the statutory definition of dividend expressly included distributions out of accumulated profits on liquidation. The use of the word "declaring" in section 35(10) did not exclude liquidation distributions from that meaning, and the deeming provision had to be given full effect in context. The Income-tax Officer was therefore entitled to recompute the rebate originally allowed to the company. Case-Laws Income Tax Mon, 16 Jan 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180891