https://www.taxtmi.com/caselaws?id=276257 Amounts received by a shareholder on liquidation were treated as outside capital gains because the receipt did not arise from the shareholder's sale of a capital asset; it stemmed from the sale of the company's assets. The liquidation payment was also outside dividend taxation to the extent the proviso to section 2(6A)(c) limited assessable distributions to accumulated profits from the company's previous six accounting years before liquidation. Profits arising in the company's year ending with liquidation were excluded, and the shareholder's own accounting year was irrelevant. The amount was therefore not taxable under section 12B and was excluded from assessment under the proviso. en-us Fri, 17 Feb 1956 00:00:00 +0530 Sat, 03 Nov 2018 15:31:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276257 Amounts received by a shareholder on liquidation were treated as outside capital gains because the receipt did not arise from the shareholder's sale of a capital asset; it stemmed from the sale of the company's assets. The liquidation payment was also outside dividend taxation to the extent the proviso to section 2(6A)(c) limited assessable distributions to accumulated profits from the company's previous six accounting years before liquidation. Profits arising in the company's year ending with liquidation were excluded, and the shareholder's own accounting year was irrelevant. The amount was therefore not taxable under section 12B and was excluded from assessment under the proviso. Case-Laws Income Tax Fri, 17 Feb 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276257