https://www.taxtmi.com/caselaws?id=8716 The court ruled in favor of the petitioner-company, quashing the order by the Income-tax Officer that computed capital gains for the assessment year 1962-63. The court held that the capital gains arose only in the year of final distribution, rejecting the aggregation of multiple distributions. The court did not address the constitutionality of section 46 but emphasized correct interpretation and application of the section. Despite a pending departmental appeal, the court entertained the petition and ordered the respondents to pay the petitioner's costs. en-us Mon, 26 Jun 1972 00:00:00 +0530 Wed, 03 Jun 2009 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8716 The court ruled in favor of the petitioner-company, quashing the order by the Income-tax Officer that computed capital gains for the assessment year 1962-63. The court held that the capital gains arose only in the year of final distribution, rejecting the aggregation of multiple distributions. The court did not address the constitutionality of section 46 but emphasized correct interpretation and application of the section. Despite a pending departmental appeal, the court entertained the petition and ordered the respondents to pay the petitioner's costs. Case-Laws Income Tax Mon, 26 Jun 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8716