https://www.taxtmi.com/caselaws?id=347722 The court held that the sale proceeds of a company's assets in liquidation are subject to capital gains tax under the Income Tax Act. It was determined that the Company Court does not have the authority to determine the company's liability under the Act, emphasizing that such liabilities should be addressed by relevant authorities. Various appeals related to tax liabilities and payment priorities were disposed of, with an agreement to retain a specific sum for potential tax liabilities. The judgment underscored the complexities involved in taxing sale proceeds during liquidation and the importance of resolving related issues through appropriate channels. en-us Wed, 24 May 2017 00:00:00 +0530 Fri, 08 Sep 2017 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347722 The court held that the sale proceeds of a company's assets in liquidation are subject to capital gains tax under the Income Tax Act. It was determined that the Company Court does not have the authority to determine the company's liability under the Act, emphasizing that such liabilities should be addressed by relevant authorities. Various appeals related to tax liabilities and payment priorities were disposed of, with an agreement to retain a specific sum for potential tax liabilities. The judgment underscored the complexities involved in taxing sale proceeds during liquidation and the importance of resolving related issues through appropriate channels. Case-Laws Income Tax Wed, 24 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347722