https://www.taxtmi.com/caselaws?id=38315 For withdrawal of rebate under the relevant proviso, the High Court held that "distributed to its shareholders" means dividends actually or constructively distributed, not merely dividends declared. The word "distributed" was treated as distinct from "declared" and requiring an actual transfer of benefit, which may be by payment or constructive credit to shareholders. On the facts, only the amount actually distributed could be considered for rebate withdrawal, so the larger sum declared at the annual general meeting was excluded and the assessee succeeded on the referred question. en-us Wed, 25 May 1977 00:00:00 +0530 Mon, 05 Apr 2010 13:44:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38315 For withdrawal of rebate under the relevant proviso, the High Court held that "distributed to its shareholders" means dividends actually or constructively distributed, not merely dividends declared. The word "distributed" was treated as distinct from "declared" and requiring an actual transfer of benefit, which may be by payment or constructive credit to shareholders. On the facts, only the amount actually distributed could be considered for rebate withdrawal, so the larger sum declared at the annual general meeting was excluded and the assessee succeeded on the referred question. Case-Laws Income Tax Wed, 25 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38315