https://www.taxtmi.com/caselaws?id=58863 Profits earned by an acquired undertaking before vesting in a Government company remained taxable in the hands of the notified company. The statutory scheme allowed vesting in a Government company where the section 9(1) notification so directed, and section 9(3) applied the provisions relating to profits and liabilities as if references to the Central Government were references to that company. On that construction, the pre-vesting profits and the corresponding tax liability travelled with the undertaking to the assessee, and the amount could not be treated as an exempt capital receipt merely because it was routed through the Government. en-us Wed, 15 Oct 1986 00:00:00 +0530 Wed, 22 Dec 2010 15:25:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58863 Profits earned by an acquired undertaking before vesting in a Government company remained taxable in the hands of the notified company. The statutory scheme allowed vesting in a Government company where the section 9(1) notification so directed, and section 9(3) applied the provisions relating to profits and liabilities as if references to the Central Government were references to that company. On that construction, the pre-vesting profits and the corresponding tax liability travelled with the undertaking to the assessee, and the amount could not be treated as an exempt capital receipt merely because it was routed through the Government. Case-Laws Income Tax Wed, 15 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58863