https://www.taxtmi.com/caselaws?id=8136 The High Court held that the amount received by the assessee on the liquidation of a foreign company did not constitute a transfer of a capital asset under Section 45 read with Section 2(47) of the Income-tax Act, 1961. Therefore, the amount was not chargeable to capital gains tax. The court ruled in favor of the assessee, directing the Commissioner to pay the costs of the reference. en-us Fri, 16 Oct 1970 00:00:00 +0530 Sat, 28 Mar 2009 19:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8136 The High Court held that the amount received by the assessee on the liquidation of a foreign company did not constitute a transfer of a capital asset under Section 45 read with Section 2(47) of the Income-tax Act, 1961. Therefore, the amount was not chargeable to capital gains tax. The court ruled in favor of the assessee, directing the Commissioner to pay the costs of the reference. Case-Laws Income Tax Fri, 16 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8136