https://www.taxtmi.com/caselaws?id=49575 Whether the third proviso to section 12B(1) excludes sales by an administrator turns on whether it covers distribution of capital assets in specie or distribution of sale proceeds. The proviso must be read with subsections (1)-(3); 'capital assets' is distinct from their sale proceeds, and distribution in specie transfers the asset to the transferee so subsection (3) governs any later sale. Reading the proviso to include sale proceeds would create an anomaly exempting administrators who sell assets while not exempting legatees who receive assets in specie. The proviso therefore applies only to in specie distributions and does not exempt administrators' sales. 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 Whether the third proviso to section 12B(1) excludes sales by an administrator turns on whether it covers distribution of capital assets in specie or distribution of sale proceeds. The proviso must be read with subsections (1)-(3); 'capital assets' is distinct from their sale proceeds, and distribution in specie transfers the asset to the transferee so subsection (3) governs any later sale. Reading the proviso to include sale proceeds would create an anomaly exempting administrators who sell assets while not exempting legatees who receive assets in specie. The proviso therefore applies only to in specie distributions and does not exempt administrators' sales. Case-Laws Income Tax Fri, 04 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49575