https://www.taxtmi.com/caselaws?id=21011 The High Court held that the gift of Rs. 75,000 to the managing director's daughter was not considered as accumulated profits in the hands of the liquidator for the purpose of dividend under section 2(22)(c) of the Income-tax Act, 1961. The Tribunal's decision to treat the amount as accumulated profits was overturned, and the Appellate Assistant Commissioner's view was upheld. The court emphasized the requirement of actual distribution of accumulated profits and concluded in favor of the assessee, ruling against the Revenue. en-us Sat, 26 Sep 1992 00:00:00 +0530 Tue, 30 Jan 2018 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21011 The High Court held that the gift of Rs. 75,000 to the managing director's daughter was not considered as accumulated profits in the hands of the liquidator for the purpose of dividend under section 2(22)(c) of the Income-tax Act, 1961. The Tribunal's decision to treat the amount as accumulated profits was overturned, and the Appellate Assistant Commissioner's view was upheld. The court emphasized the requirement of actual distribution of accumulated profits and concluded in favor of the assessee, ruling against the Revenue. Case-Laws Income Tax Sat, 26 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21011