https://www.taxtmi.com/caselaws?id=5429 The Supreme Court ruled that assets received by shareholders in a private limited company during liquidation proceedings are subject to capital gains tax under section 46(2) of the Income-tax Act. The court held that the specific provisions of the Act deemed the assets received as chargeable to income-tax under the head of capital gains, even without a transfer of property. The court referred to precedent and dismissed the appeals, affirming the taxability of the assets received by the taxpayers during the liquidation process. en-us Tue, 14 Sep 1993 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5429 The Supreme Court ruled that assets received by shareholders in a private limited company during liquidation proceedings are subject to capital gains tax under section 46(2) of the Income-tax Act. The court held that the specific provisions of the Act deemed the assets received as chargeable to income-tax under the head of capital gains, even without a transfer of property. The court referred to precedent and dismissed the appeals, affirming the taxability of the assets received by the taxpayers during the liquidation process. Case-Laws Income Tax Tue, 14 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5429