https://www.taxtmi.com/caselaws?id=29193 The Court held that the amount received by the assessee on the liquidation of a company, though not arising from the transfer of a capital asset, is taxable as income from capital gains under section 46(2) of the Income Tax Act. The Court rejected the argument that such income would not be treated as income for tax purposes, emphasizing that all capital gains are chargeable to income tax. The amount of Rs. 11,226 was deemed assessable as 'Capital gain' in the hands of the assessee, with the Tribunal directed to consider other grounds challenging the inclusion of the sum in his income. en-us Wed, 23 Aug 1978 00:00:00 +0530 Thu, 11 Mar 2010 13:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29193 The Court held that the amount received by the assessee on the liquidation of a company, though not arising from the transfer of a capital asset, is taxable as income from capital gains under section 46(2) of the Income Tax Act. The Court rejected the argument that such income would not be treated as income for tax purposes, emphasizing that all capital gains are chargeable to income tax. The amount of Rs. 11,226 was deemed assessable as 'Capital gain' in the hands of the assessee, with the Tribunal directed to consider other grounds challenging the inclusion of the sum in his income. Case-Laws Income Tax Wed, 23 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29193