https://www.taxtmi.com/caselaws?id=38569 Liquidation surplus received by a shareholder did not constitute capital gains under the 1922 Act because it arose from the right to share in surplus assets on liquidation, rather than from a sale, transfer, exchange or relinquishment of shares. The receipt was therefore not taxable as capital gains. Taxability remained governed by the substantive law applicable to the relevant previous year. The transitional provision governing post-commencement assessment procedures under the 1961 Act did not operate as a charging provision and could not retrospectively impose capital gains tax through the liquidation-distribution rule where no such liability existed under the repealed Act. en-us Thu, 28 Aug 1975 00:00:00 +0530 Wed, 07 Apr 2010 12:56:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38569 Liquidation surplus received by a shareholder did not constitute capital gains under the 1922 Act because it arose from the right to share in surplus assets on liquidation, rather than from a sale, transfer, exchange or relinquishment of shares. The receipt was therefore not taxable as capital gains. Taxability remained governed by the substantive law applicable to the relevant previous year. The transitional provision governing post-commencement assessment procedures under the 1961 Act did not operate as a charging provision and could not retrospectively impose capital gains tax through the liquidation-distribution rule where no such liability existed under the repealed Act. Case-Laws Income Tax Thu, 28 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38569