https://www.taxtmi.com/caselaws?id=7565 Distribution of assets by a voluntary liquidator to contributories on members' voluntary winding up was treated as a statutory adjustment of pre-existing rights, not a sale, exchange, relinquishment or transfer of a capital asset. Reading the charging and computation provisions of section 12B with the winding-up scheme, the analysis concluded that no new beneficial interest passed to the contributory and that the later sale position was separately dealt with to avoid double taxation. On that basis, the distribution did not attract capital gains tax under section 12B. en-us Fri, 28 Feb 1969 00:00:00 +0530 Mon, 02 Mar 2009 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7565 Distribution of assets by a voluntary liquidator to contributories on members' voluntary winding up was treated as a statutory adjustment of pre-existing rights, not a sale, exchange, relinquishment or transfer of a capital asset. Reading the charging and computation provisions of section 12B with the winding-up scheme, the analysis concluded that no new beneficial interest passed to the contributory and that the later sale position was separately dealt with to avoid double taxation. On that basis, the distribution did not attract capital gains tax under section 12B. Case-Laws Income Tax Fri, 28 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7565