https://www.taxtmi.com/caselaws?id=69389 Dissolution of a firm and distribution of its assets to a successor company was treated, under the law then applicable, as not amounting to a transfer for capital gains purposes under sections 2(47), 45 and 47(ii). Later amendments expanding the concept of transfer were noted as inapplicable to the assessment year considered, and revaluation or a subsequent share transfer did not change the legal character of the dissolution. Section 41(2) was also inapplicable because the depreciable assets were not sold or transferred in a manner attracting that charge, so no notional profit could be taxed merely because the business continued through a company. en-us Fri, 17 Jul 1987 00:00:00 +0530 Wed, 06 Apr 2011 14:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69389 Dissolution of a firm and distribution of its assets to a successor company was treated, under the law then applicable, as not amounting to a transfer for capital gains purposes under sections 2(47), 45 and 47(ii). Later amendments expanding the concept of transfer were noted as inapplicable to the assessment year considered, and revaluation or a subsequent share transfer did not change the legal character of the dissolution. Section 41(2) was also inapplicable because the depreciable assets were not sold or transferred in a manner attracting that charge, so no notional profit could be taxed merely because the business continued through a company. Case-Laws Income Tax Fri, 17 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69389