https://www.taxtmi.com/caselaws?id=27048 The High Court held that the capital gains received by the assessee in Tax Case No. 8 of 1974 and Tax Case No. 12 of 1974 were assessable under section 46(2) of the Income-tax Act, 1961. The court upheld the capital gain assessments of Rs. 14,560 and Rs. 30,900, respectively, emphasizing the duty of the Income-tax Officer to determine the market value of assets received during liquidation. The court clarified the distinction between sections 45 and 46(2) and rejected the argument that section 2(24) excludes capital gains under section 46(2) from taxation. en-us Tue, 06 Nov 1984 00:00:00 +0530 Wed, 10 Feb 2010 13:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27048 The High Court held that the capital gains received by the assessee in Tax Case No. 8 of 1974 and Tax Case No. 12 of 1974 were assessable under section 46(2) of the Income-tax Act, 1961. The court upheld the capital gain assessments of Rs. 14,560 and Rs. 30,900, respectively, emphasizing the duty of the Income-tax Officer to determine the market value of assets received during liquidation. The court clarified the distinction between sections 45 and 46(2) and rejected the argument that section 2(24) excludes capital gains under section 46(2) from taxation. Case-Laws Income Tax Tue, 06 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27048