Court Rules Exempted Capital Gains Excluded from 'Accumulated Profits' u/s 2(22)(e) of Income Tax Act.

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....Deemed dividend u/s 2(22)(e) - exempted capital gains shall not enter the stream of the expression ‘accumulated profits’ and the company BKFCPL has got only negative accumulated profits after exclusion of exempted capital gains and hence the provisions of section 2(22)(e) cannot be invoked - AT....