https://www.taxtmi.com/caselaws?id=207276 The Court upheld the Income Tax Appellate Tribunal's decision that the value of assets distributed to shareholders during company liquidation, as per Section 46(2) of the Income Tax Act, should be the full value reduced by the amount paid by the shareholder to discharge attached liabilities. The appeals by the Revenue were dismissed, emphasizing that the asset's value should consider the full value reduced by the liability discharge amount. en-us Tue, 05 Jul 2011 00:00:00 +0530 Tue, 06 Dec 2011 22:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207276 The Court upheld the Income Tax Appellate Tribunal's decision that the value of assets distributed to shareholders during company liquidation, as per Section 46(2) of the Income Tax Act, should be the full value reduced by the amount paid by the shareholder to discharge attached liabilities. The appeals by the Revenue were dismissed, emphasizing that the asset's value should consider the full value reduced by the liability discharge amount. Case-Laws Income Tax Tue, 05 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207276