Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Capital gains on liquidation distributions: shareholders taxed on received money or asset market value reduced by assessed dividend. Distribution of a company's assets on liquidation is not regarded as a transfer by the company; instead, a shareholder who receives money or other assets on liquidation is chargeable to income-tax under the head Capital gains on the money received or the market value of assets on the distribution date, reduced by the amount assessed as a dividend, and that resulting sum is deemed the full value of consideration for capital gains purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains on liquidation distributions: shareholders taxed on received money or asset market value reduced by assessed dividend.
Distribution of a company's assets on liquidation is not regarded as a transfer by the company; instead, a shareholder who receives money or other assets on liquidation is chargeable to income-tax under the head Capital gains on the money received or the market value of assets on the distribution date, reduced by the amount assessed as a dividend, and that resulting sum is deemed the full value of consideration for capital gains purposes.
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