https://www.taxtmi.com/caselaws?id=277455 The court ruled in favor of the revenue, holding that the transaction where the assessee received cash instead of shares constituted a transfer under the Income Tax Act. This decision rendered the assessee liable for capital gains tax. The court analyzed the provisions of the Act, relevant case law, and the nature of the transaction to reach this conclusion. en-us Tue, 28 Jul 1998 00:00:00 +0530 Tue, 04 Dec 2018 17:17:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277455 The court ruled in favor of the revenue, holding that the transaction where the assessee received cash instead of shares constituted a transfer under the Income Tax Act. This decision rendered the assessee liable for capital gains tax. The court analyzed the provisions of the Act, relevant case law, and the nature of the transaction to reach this conclusion. Case-Laws Income Tax Tue, 28 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277455