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            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.

            <h1>Capital gain on liquidation: shareholders taxed on received assets' market value; company taxed only if liquidator sells assets.</h1> Capital gain on liquidation: the company incurs no capital gain when assets are distributed without sale, but is taxable if the liquidator sells assets and distributes proceeds. Shareholders' capital gain equals money received and/or market value of distributed assets on distribution date minus any deemed dividend, from which cost of acquisition/indexed cost and sale-related expenditure are deducted; period of holding excludes time after liquidation and losses may arise if receipts are below cost. Non-resident shareholders are governed by the same distributive treatment subject to domestic source rules.

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