https://www.taxtmi.com/caselaws?id=49575 The third proviso to section 12B(1) of the Indian Income-tax Act was confined to distributions of capital assets in specie in the situations covered by sub-section (3). A sale of shares and securities followed by distribution of the proceeds was materially different from distribution of the assets themselves, and the expression "capital assets" could not be treated as equivalent to sale proceeds. Reading the proviso to cover sale proceeds would create an inconsistency in the statutory scheme. The proviso therefore did not protect the administrator's sale under the will, and "distribution of capital assets" meant distribution in specie, not distribution of sale proceeds. en-us Fri, 04 Mar 1960 00:00:00 +0530 Wed, 03 Sep 2014 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49575 The third proviso to section 12B(1) of the Indian Income-tax Act was confined to distributions of capital assets in specie in the situations covered by sub-section (3). A sale of shares and securities followed by distribution of the proceeds was materially different from distribution of the assets themselves, and the expression "capital assets" could not be treated as equivalent to sale proceeds. Reading the proviso to cover sale proceeds would create an inconsistency in the statutory scheme. The proviso therefore did not protect the administrator's sale under the will, and "distribution of capital assets" meant distribution in specie, not distribution of sale proceeds. Case-Laws Income Tax Fri, 04 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49575