https://www.taxtmi.com/caselaws?id=8169 A distribution made on reduction of share capital is not treated as dividend unless it is shown to represent accumulated profits within section 2(6A)(d) of the Income-tax Act; on the facts stated, the returned capital arose from excess capital after takeover of the business, so the super-tax charge could not be sustained on that footing. Rebate of super-tax under the proviso to Paragraph D of Part II of the First Schedule to the Finance (No. 2) Act, 1957, depended on the statutory conditions for liability first being met, and the conditions for withdrawal of rebate were not established on the record. The revenue's challenge therefore succeeded only on the rebate issue, while the substantive dividend-taxability point was decided against it. en-us Wed, 17 Sep 1969 00:00:00 +0530 Tue, 31 Mar 2009 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8169 A distribution made on reduction of share capital is not treated as dividend unless it is shown to represent accumulated profits within section 2(6A)(d) of the Income-tax Act; on the facts stated, the returned capital arose from excess capital after takeover of the business, so the super-tax charge could not be sustained on that footing. Rebate of super-tax under the proviso to Paragraph D of Part II of the First Schedule to the Finance (No. 2) Act, 1957, depended on the statutory conditions for liability first being met, and the conditions for withdrawal of rebate were not established on the record. The revenue's challenge therefore succeeded only on the rebate issue, while the substantive dividend-taxability point was decided against it. Case-Laws Income Tax Wed, 17 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8169