https://www.taxtmi.com/caselaws?id=7234 An outright assignment by a liquidator in a members' voluntary winding up of the company's lease and related rights, effected without reservation of recurring interests or arrangements for the liquidator to continue the trade, constitutes realisation of a capital asset; accordingly a lump sum receipt realised by the company in those circumstances is a capital receipt rather than a revenue receipt. The Companies Act powers permitting realisation for beneficial winding up and the absence of annuity, periodic returns, or agency arrangements are determinative of the capital nature of the payment. en-us Thu, 21 Dec 1967 00:00:00 +0530 Mon, 16 Feb 2009 09:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7234 An outright assignment by a liquidator in a members' voluntary winding up of the company's lease and related rights, effected without reservation of recurring interests or arrangements for the liquidator to continue the trade, constitutes realisation of a capital asset; accordingly a lump sum receipt realised by the company in those circumstances is a capital receipt rather than a revenue receipt. The Companies Act powers permitting realisation for beneficial winding up and the absence of annuity, periodic returns, or agency arrangements are determinative of the capital nature of the payment. Case-Laws Income Tax Thu, 21 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7234