https://www.taxtmi.com/caselaws?id=288671 The Appellate Tribunal held that a payment received by the assessee during the winding up of a company should not be entirely treated as dividend under section 2(6A)(c) of the Income Tax Act. Only a portion of the payment was considered as dividend, as it was not attributable to accumulated profits. The court emphasized the need to interpret legal fictions, like those in tax legislation, within their intended scope and not extend their application beyond that. Additionally, receipts exceeding the written down value on the sale of capital assets should not be automatically considered as profit unless they meet specific criteria outlined in the law. en-us Wed, 20 Apr 1966 00:00:00 +0530 Mon, 22 Jun 2020 16:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288671 The Appellate Tribunal held that a payment received by the assessee during the winding up of a company should not be entirely treated as dividend under section 2(6A)(c) of the Income Tax Act. Only a portion of the payment was considered as dividend, as it was not attributable to accumulated profits. The court emphasized the need to interpret legal fictions, like those in tax legislation, within their intended scope and not extend their application beyond that. Additionally, receipts exceeding the written down value on the sale of capital assets should not be automatically considered as profit unless they meet specific criteria outlined in the law. Case-Laws Income Tax Wed, 20 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288671