https://www.taxtmi.com/caselaws?id=7467 Transfer of business assets to a creditor in discharge of genuine liabilities was treated as a taxable transfer under section 12B of the Indian Income-tax Act, 1922, because the consideration recorded in the deed was not shown to be unreal or below fair market value. The Court found no material to displace the stated consideration, and the fact that the amount was applied directly to third-party liabilities did not prevent capital gains tax from attaching. The revenue authorities were therefore entitled to assess the capital gain on the transfer. en-us Mon, 04 Sep 1967 00:00:00 +0530 Fri, 20 Feb 2009 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7467 Transfer of business assets to a creditor in discharge of genuine liabilities was treated as a taxable transfer under section 12B of the Indian Income-tax Act, 1922, because the consideration recorded in the deed was not shown to be unreal or below fair market value. The Court found no material to displace the stated consideration, and the fact that the amount was applied directly to third-party liabilities did not prevent capital gains tax from attaching. The revenue authorities were therefore entitled to assess the capital gain on the transfer. Case-Laws Income Tax Mon, 04 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7467