https://www.taxtmi.com/caselaws?id=17462 An insolvency receiver administering vested property is not a representative assessee of the insolvent under section 160(1)(iii) because the receiver acts for creditors, not on behalf of the debtor. Capital gains arising from the receiver's sale of the insolvent's property remain taxable, with liability attaching to the person lawfully realising and administering the estate. The Court also held that agricultural land falling within the statutory capital-asset definition does not avoid the capital gains charge on the facts found, so the sale proceeds were chargeable to income-tax under section 45. en-us Fri, 04 Oct 1996 00:00:00 +0530 Tue, 08 Dec 2015 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17462 An insolvency receiver administering vested property is not a representative assessee of the insolvent under section 160(1)(iii) because the receiver acts for creditors, not on behalf of the debtor. Capital gains arising from the receiver's sale of the insolvent's property remain taxable, with liability attaching to the person lawfully realising and administering the estate. The Court also held that agricultural land falling within the statutory capital-asset definition does not avoid the capital gains charge on the facts found, so the sale proceeds were chargeable to income-tax under section 45. Case-Laws Income Tax Fri, 04 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17462