Supreme Court · 1973 INSC 44 · Decided 9 March 1973
Commissioner of Income Tax, Madras v. M/S. Madurai Mills CO. Limited
- Court
- Supreme Court of India
- Citation
- 1973 INSC 44 · [1973] 3 S.C.R. 662
- Case number
- CIVIL APPEAL No. 1394/1970
- Decided
- 9 March 1973
- Bench
- K.S. HEGDE, P. JAGANMOHAN REDDY, HANS RAJ KHANNA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 12B, 66(1)
Headnote
Income-tax Act, 1922, s. 12B-Capital Gains-Voluntary liquidation of private limited company-Distribution of assets to shareholder.-­ Surplus received by shareholders whether attracts tax on capital gains-­ Distribution of assets whether amounts to sale, exchange relinquishmenti or transfer in original law dropped in amended law-Inference to be drawn, Three private limited companies in which the assessee held ahatel· went into voluntary liquidation in December 1959 In the course ot the ·liquidation proceedings the liquidators made dislribution in the year of
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