https://www.taxtmi.com/caselaws?id=66177 Property vesting in an Official Receiver on insolvency was treated as a statutory vesting, leaving the insolvent with no subsisting rights in the asset. When the Receiver sold the property only as a custodian for administration and distribution among creditors, the capital gains machinery could not operate because no cost of acquisition could be attributed to the Receiver in his hands. The transfer-of-property vesting provisions and the representative-assessee provisions were held inapplicable on these facts, so capital gains tax was not leviable on the sale of the insolvent's property by the Official Receiver. en-us Tue, 08 Apr 1986 00:00:00 +0530 Tue, 22 Feb 2011 10:07:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66177 Property vesting in an Official Receiver on insolvency was treated as a statutory vesting, leaving the insolvent with no subsisting rights in the asset. When the Receiver sold the property only as a custodian for administration and distribution among creditors, the capital gains machinery could not operate because no cost of acquisition could be attributed to the Receiver in his hands. The transfer-of-property vesting provisions and the representative-assessee provisions were held inapplicable on these facts, so capital gains tax was not leviable on the sale of the insolvent's property by the Official Receiver. Case-Laws Income Tax Tue, 08 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66177