https://www.taxtmi.com/caselaws?id=15793 Section 46(2) creates a separate charge on money or other assets distributed to a shareholder on liquidation, and its scope is not confined by the definition of capital asset under section 2(14); agricultural land distributed on liquidation is therefore covered, with the issue decided for the Revenue. Separately, where accumulated profits had already been written off in the company's books and the balance had been assessed earlier in the hands of the assessee's father, no further amount remained taxable as deemed dividend, so that issue was decided for the assessee. en-us Thu, 25 Mar 1999 00:00:00 +0530 Sat, 29 Aug 2009 11:25:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15793 Section 46(2) creates a separate charge on money or other assets distributed to a shareholder on liquidation, and its scope is not confined by the definition of capital asset under section 2(14); agricultural land distributed on liquidation is therefore covered, with the issue decided for the Revenue. Separately, where accumulated profits had already been written off in the company's books and the balance had been assessed earlier in the hands of the assessee's father, no further amount remained taxable as deemed dividend, so that issue was decided for the assessee. Case-Laws Income Tax Thu, 25 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15793