Bharat Fire & General Insurance Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1964-04-02 AY: 1954-55 Section: 2(22) Acts: Indian Income Tax Act 1922, Companies Act 1913, Companies Act 1956 Result: Revenue Citation: (1964) 53 ITR 108 (SC) Justices: K. Subba Rao, J.C. Shah & S.M. Sikri, JJ. Appeal No: Civil Appeal No. 613 of 1963
Whether distribution of share premium amounts to dividend under Section 2(6A) of the Income Tax Act 1922 --- Held Yes. Whether share premium constitutes 'accumulated profits' for dividend distribution --- Held Yes. Whether Section 78 of Companies Act 1956 changes taxability of dividends declared from pre-1956 share premiums --- Held No.

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