https://www.taxtmi.com/caselaws?id=8855 Amounts distributed to shareholder assessees by the liquidator of a foreign company on liquidation were treated as capital receipts and not income in the shareholders' hands. The analysis states that liquidation proceeds represented the company's assets, and the fact that part of the distribution could be traced to accumulated profits did not, by itself, make the receipt taxable as income. The deeming rule for liquidation distributions applied only to companies within the statutory definition, and section 14(2)(b) operated only as an exemption provision, not as a charging provision creating tax liability. en-us Fri, 29 Sep 1972 00:00:00 +0530 Tue, 16 Jun 2009 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8855 Amounts distributed to shareholder assessees by the liquidator of a foreign company on liquidation were treated as capital receipts and not income in the shareholders' hands. The analysis states that liquidation proceeds represented the company's assets, and the fact that part of the distribution could be traced to accumulated profits did not, by itself, make the receipt taxable as income. The deeming rule for liquidation distributions applied only to companies within the statutory definition, and section 14(2)(b) operated only as an exemption provision, not as a charging provision creating tax liability. Case-Laws Income Tax Fri, 29 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8855