https://www.taxtmi.com/caselaws?id=8008 Accumulated profits for treating shareholder loans as deemed dividends under section 2(6A)(e) mean the company's real commercial profits, not merely assessed income from earlier years. Expenditure and disbursements actually incurred must be deducted in computing those profits, although fictitious or nonexistent items do not reduce them. On that basis, the tax authorities could not aggregate prior assessed incomes to determine accumulated profits, and the loans could not be treated as dividends on the method adopted. en-us Mon, 16 Feb 1970 00:00:00 +0530 Thu, 26 Mar 2009 19:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8008 Accumulated profits for treating shareholder loans as deemed dividends under section 2(6A)(e) mean the company's real commercial profits, not merely assessed income from earlier years. Expenditure and disbursements actually incurred must be deducted in computing those profits, although fictitious or nonexistent items do not reduce them. On that basis, the tax authorities could not aggregate prior assessed incomes to determine accumulated profits, and the loans could not be treated as dividends on the method adopted. Case-Laws Income Tax Mon, 16 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8008