https://www.taxtmi.com/caselaws?id=22135 The court held that the sum declared as dividend by a company was not taxable as income in the hands of the assessee-company due to the legal effect of an amalgamation order, which rendered the company non-existent and the dividend essentially the assessee's own money. The court emphasized that a company cannot hold shares of its own company or receive dividends from itself, distinguishing the case from precedent where invalidation of dividend occurred after the relevant previous year. The decision favored the assessee, ruling the amount in question as not taxable as dividend income. en-us Wed, 27 Mar 1991 00:00:00 +0530 Mon, 07 Dec 2009 13:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22135 The court held that the sum declared as dividend by a company was not taxable as income in the hands of the assessee-company due to the legal effect of an amalgamation order, which rendered the company non-existent and the dividend essentially the assessee's own money. The court emphasized that a company cannot hold shares of its own company or receive dividends from itself, distinguishing the case from precedent where invalidation of dividend occurred after the relevant previous year. The decision favored the assessee, ruling the amount in question as not taxable as dividend income. Case-Laws Income Tax Wed, 27 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22135