PUNJAB DISTILLING INDUSTRIES LTD. vs. COMMISSIONER OF INCOME-TAX, PUNJAB
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http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 14 PETITIONER: PUNJAB DISTILLING INDUSTRIES LTD.
Vs. RESPONDENT: COMMISSIONER OF INCOME-TAX, PUNJAB DATE OF JUDGMENT: 09/02/1965 BENCH: SUBBARAO, K. BENCH: SUBBARAO, K. DAYAL, RAGHUBAR MUDHOLKAR, J.R. BACHAWAT, R.S. RAMASWAMI, V. CITATION: 1965 AIR 1862 1965 SCR (3) 1 CITATOR INFO : R 1984 SC 420 (45) ACT: Indian Income-tax Act, 1922 (11 of 1922,), s. 2(A) (d)--Distribution on reduction of company’s capital to the extent of accumulated profits treated as ’dividend’--Such dividend whether ’income’ under Entry 54, List I, Government of India Act, 1935--Section whether ultra vires.
Distribution’--Meaning of--Whether synonymous with ’paid’ of ’credited’ in s. 16(2) of the Income-tax Act--Notional distribution whether takes place on issue of certificate under s. 61(4) of the Indian Companies Act, 1913. HEADNOTE: The appellant .company reduced its capital and the reduction was confirmed by the High Court. On November 4-, 1954, i.e. during the course of the appellant’s accounting year ending November 30, 1954, the