https://www.taxtmi.com/caselaws?id=24981 The High Court allowed the reference application, finding that the questions of law raised by the Tribunal's decision were referable for consideration. The court held that the assessee was entitled to a deduction under section 54E of the Income-tax Act, 1961, from the capital gains computed under section 46(2), rejecting the Revenue's argument that the surplus received did not arise from a transfer of capital assets. The Commissioner's order under section 263 was canceled, affirming the Tribunal's decision in favor of the assessee regarding the taxation treatment of the surplus from a company in liquidation. en-us Wed, 07 May 1986 00:00:00 +0530 Sat, 23 Jan 2010 15:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24981 The High Court allowed the reference application, finding that the questions of law raised by the Tribunal's decision were referable for consideration. The court held that the assessee was entitled to a deduction under section 54E of the Income-tax Act, 1961, from the capital gains computed under section 46(2), rejecting the Revenue's argument that the surplus received did not arise from a transfer of capital assets. The Commissioner's order under section 263 was canceled, affirming the Tribunal's decision in favor of the assessee regarding the taxation treatment of the surplus from a company in liquidation. Case-Laws Income Tax Wed, 07 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24981