https://www.taxtmi.com/caselaws?id=5150 The definition of "dividend" under section 2(6A) of the Income-tax Act, 1922, included distributions from accumulated profits, but the Explanation and proviso expressly excluded capital gains arising after 31 March 1948 from that pool. The inclusive wording could not override the specific statutory exclusion, and a distribution attributable to those excluded capital gains could not be treated as dividend merely by popular understanding. Accordingly, the shareholders' proportionate share of capital gains was not includible in their total income as dividend for the assessment year 1949-50 and remained exempt in their hands. en-us Fri, 25 Jul 1969 00:00:00 +0530 Fri, 25 Sep 2015 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5150 The definition of "dividend" under section 2(6A) of the Income-tax Act, 1922, included distributions from accumulated profits, but the Explanation and proviso expressly excluded capital gains arising after 31 March 1948 from that pool. The inclusive wording could not override the specific statutory exclusion, and a distribution attributable to those excluded capital gains could not be treated as dividend merely by popular understanding. Accordingly, the shareholders' proportionate share of capital gains was not includible in their total income as dividend for the assessment year 1949-50 and remained exempt in their hands. Case-Laws Income Tax Fri, 25 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5150