https://www.taxtmi.com/caselaws?id=12134 The Tribunal allowed the appeal, stating that if the amount received as capital gain is reinvested, the assessee is entitled to benefit under section 54E. The High Court, however, held in favor of the Revenue, stating that the Tribunal erred in treating the amount received as a transfer and allowing the benefit under section 54E. Consequently, the Court upheld the Commissioner's decision under section 263, rejecting the assessee's claims and supporting the Revenue's position regarding tax implications of gains from liquidation distributions. en-us Tue, 09 Jul 2002 00:00:00 +0530 Wed, 17 Feb 2010 19:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12134 The Tribunal allowed the appeal, stating that if the amount received as capital gain is reinvested, the assessee is entitled to benefit under section 54E. The High Court, however, held in favor of the Revenue, stating that the Tribunal erred in treating the amount received as a transfer and allowing the benefit under section 54E. Consequently, the Court upheld the Commissioner's decision under section 263, rejecting the assessee's claims and supporting the Revenue's position regarding tax implications of gains from liquidation distributions. Case-Laws Income Tax Tue, 09 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12134