https://www.taxtmi.com/caselaws?id=6109 The Supreme Court upheld the taxability of assets received by shareholders during a company's liquidation under section 46(2) of the Income-tax Act, ruling that the term "assets" encompassed all types of assets, not just capital assets. The Court clarified that shareholders were liable to pay tax on the market value of assets received during liquidation, irrespective of their classification as capital assets under section 2(14). The judgment emphasized the broad application of section 46(2) in taxing all distributed assets during liquidation, regardless of their nature. en-us Mon, 27 Jan 2003 00:00:00 +0530 Tue, 02 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6109 The Supreme Court upheld the taxability of assets received by shareholders during a company's liquidation under section 46(2) of the Income-tax Act, ruling that the term "assets" encompassed all types of assets, not just capital assets. The Court clarified that shareholders were liable to pay tax on the market value of assets received during liquidation, irrespective of their classification as capital assets under section 2(14). The judgment emphasized the broad application of section 46(2) in taxing all distributed assets during liquidation, regardless of their nature. Case-Laws Income Tax Mon, 27 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6109