https://www.taxtmi.com/caselaws?id=38897 An admitted position that shares continued to be treated as stock-in-trade could not be ignored merely because the company became private or the shares were not quoted on the stock exchange; the shares therefore retained their trading character. On liquidation, the shareholder's receipt of surplus assets is capital in nature and does not become revenue income merely because it arises from corporate distribution. The liquidation surplus is not treated as sale proceeds or money received in a trading sense, so it is not chargeable as revenue receipt in the shareholder's hands. en-us Tue, 20 May 1975 00:00:00 +0530 Sat, 10 Apr 2010 12:30:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38897 An admitted position that shares continued to be treated as stock-in-trade could not be ignored merely because the company became private or the shares were not quoted on the stock exchange; the shares therefore retained their trading character. On liquidation, the shareholder's receipt of surplus assets is capital in nature and does not become revenue income merely because it arises from corporate distribution. The liquidation surplus is not treated as sale proceeds or money received in a trading sense, so it is not chargeable as revenue receipt in the shareholder's hands. Case-Laws Income Tax Tue, 20 May 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38897