Capital gains on liquidation distributions treated as taxable to shareholders, net of amounts assessed as dividend. Distributions on liquidation are not regarded as a transfer by the company for purposes of section 67. 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 other assets on the date of distribution, reduced by the amount assessed as dividend under section 2(40)(c); that net amount is deemed to be the full value of consideration for section 72.
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 treated as taxable to shareholders, net of amounts assessed as dividend.
Distributions on liquidation are not regarded as a transfer by the company for purposes of section 67. 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 other assets on the date of distribution, reduced by the amount assessed as dividend under section 2(40)(c); that net amount is deemed to be the full value of consideration for section 72.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
