https://www.taxtmi.com/caselaws?id=292611 Surplus arising from the realisation of company assets was treated as taxable profit where the company was not a mere liquidation vehicle but a new venture carried on for profit. Because the assets were held and sold in a manner showing business activity, gains from sale at enhanced values were not exempt as a simple conversion of investment. Profit was regarded as earned when it was finally dealt with as profit for tax purposes, and the decisive point in this analysis was the distribution of the surplus to shareholders, including bonus and debenture stock distributions. The precise amount and year of assessment were left open for further determination. en-us Fri, 24 Jul 1914 00:00:00 +0530 Fri, 01 Jan 2021 12:58:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292611 Surplus arising from the realisation of company assets was treated as taxable profit where the company was not a mere liquidation vehicle but a new venture carried on for profit. Because the assets were held and sold in a manner showing business activity, gains from sale at enhanced values were not exempt as a simple conversion of investment. Profit was regarded as earned when it was finally dealt with as profit for tax purposes, and the decisive point in this analysis was the distribution of the surplus to shareholders, including bonus and debenture stock distributions. The precise amount and year of assessment were left open for further determination. Case-Laws Income Tax Fri, 24 Jul 1914 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292611