https://www.taxtmi.com/caselaws?id=59353 Payment by the Life Insurance Corporation to the Central Government out of surplus profits was not "dividend" within section 2(22) because the statutory definition, though inclusive, still contemplates distribution to a shareholder. The Corporation had no share capital divided into shares, the Central Government was not a shareholder, and the payment arose under the special scheme of the Life Insurance Corporation Act, 1956 rather than any shareholder relationship. Accordingly, Chapter XII-D was not attracted, section 115-O did not apply, and the assessee could not be treated as in default under section 115-Q. en-us Mon, 18 Dec 2006 00:00:00 +0530 Thu, 29 Feb 2024 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59353 Payment by the Life Insurance Corporation to the Central Government out of surplus profits was not "dividend" within section 2(22) because the statutory definition, though inclusive, still contemplates distribution to a shareholder. The Corporation had no share capital divided into shares, the Central Government was not a shareholder, and the payment arose under the special scheme of the Life Insurance Corporation Act, 1956 rather than any shareholder relationship. Accordingly, Chapter XII-D was not attracted, section 115-O did not apply, and the assessee could not be treated as in default under section 115-Q. Case-Laws Income Tax Mon, 18 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59353