https://www.taxtmi.com/caselaws?id=38952 The court held that the sum of Rs. 8,331 received by the assessee from the liquidator is includible in the chargeable income under the head 'capital gains'. It rejected the Tribunal's view that only capital gains under section 45 could be included in the total income, emphasizing that section 46(2) independently makes the amount received on liquidation chargeable under 'capital gains'. The court aligned this decision with the Act's scheme and the inclusive definition of income under section 2(24), ruling in favor of the revenue and awarding costs accordingly. en-us Tue, 16 Mar 1976 00:00:00 +0530 Sat, 10 Apr 2010 14:40:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38952 The court held that the sum of Rs. 8,331 received by the assessee from the liquidator is includible in the chargeable income under the head 'capital gains'. It rejected the Tribunal's view that only capital gains under section 45 could be included in the total income, emphasizing that section 46(2) independently makes the amount received on liquidation chargeable under 'capital gains'. The court aligned this decision with the Act's scheme and the inclusive definition of income under section 2(24), ruling in favor of the revenue and awarding costs accordingly. Case-Laws Income Tax Tue, 16 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38952