Commissioner Of Income Tax vs G. Narasimhan (Died)

Authority: Supreme Court Date: 1998-12-14 AY: 1963-64 Section: 2(22)(d), 2(22)(c), 2(47), 45(1) Acts: Income Tax Act 1961, Companies Act Result: Revenue Citation: (1999) 151 CTR (SC) 94 : (1999) 236 ITR 327 (SC) : (1999) 102 TAXMAN 66 (SC) Justices: Mrs. Sujata V. Manohar & A.P. Misra, JJ. Appeal No: Civil Appeal No. 6799 of 1983*
Whether deemed dividends under section 2(22)(e) reduce accumulated profits for section 2(22)(d) purposes --- Held Yes. Whether capital gains arise on reduction of share capital --- Held Yes, subject to bifurcation between dividend and capital components.

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