https://www.taxtmi.com/caselaws?id=201765 The High Court held that the assessee was liable for payment of tax on capital gains on the distribution of assets upon the dissolution of the firm. The Court reversed the Tribunal's decision, restoring the Commissioner's order under section 263 of the Income-tax Act and remanded the matter to the Tribunal for a fresh decision on valuation within four months, emphasizing the applicability of section 55A for determining fair market value. en-us Fri, 04 Dec 2009 00:00:00 +0530 Fri, 28 Dec 2012 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201765 The High Court held that the assessee was liable for payment of tax on capital gains on the distribution of assets upon the dissolution of the firm. The Court reversed the Tribunal's decision, restoring the Commissioner's order under section 263 of the Income-tax Act and remanded the matter to the Tribunal for a fresh decision on valuation within four months, emphasizing the applicability of section 55A for determining fair market value. Case-Laws Income Tax Fri, 04 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201765