https://www.taxtmi.com/caselaws?id=297324 For withdrawal of rebate under the relevant proviso, "distributed" dividends meant actual or constructive distribution to shareholders, not a mere declaration. The court treated the expression as unambiguous and held that distribution required payment or credit of the dividend in shareholders' accounts. Applying that meaning, only the amount actually distributed during the relevant previous year counted, so the larger sum declared but not paid or credited did not qualify. The Tribunal was therefore correct in limiting the distributed dividend to the amount actually distributed, and the issue was answered in favour of the assessee. en-us Wed, 25 May 1977 00:00:00 +0530 Fri, 27 Aug 2021 15:18:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297324 For withdrawal of rebate under the relevant proviso, "distributed" dividends meant actual or constructive distribution to shareholders, not a mere declaration. The court treated the expression as unambiguous and held that distribution required payment or credit of the dividend in shareholders' accounts. Applying that meaning, only the amount actually distributed during the relevant previous year counted, so the larger sum declared but not paid or credited did not qualify. The Tribunal was therefore correct in limiting the distributed dividend to the amount actually distributed, and the issue was answered in favour of the assessee. Case-Laws Income Tax Wed, 25 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297324