https://www.taxtmi.com/caselaws?id=39699 The High Court held that the distribution of assets on liquidation does not amount to a transfer of capital asset under the Income-tax Act. However, the sum of Rs. 48,335 was rightly included as capital gains in the total income of the assessee, following the correct computation under relevant sections of the Act. The Court upheld the Income-tax Officer's decision on this matter, ordering the assessee to pay the costs of the reference. en-us Fri, 16 Aug 1974 00:00:00 +0530 Mon, 19 Apr 2010 17:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39699 The High Court held that the distribution of assets on liquidation does not amount to a transfer of capital asset under the Income-tax Act. However, the sum of Rs. 48,335 was rightly included as capital gains in the total income of the assessee, following the correct computation under relevant sections of the Act. The Court upheld the Income-tax Officer's decision on this matter, ordering the assessee to pay the costs of the reference. Case-Laws Income Tax Fri, 16 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39699