Supreme Court · 2003 INSC 39 · Decided 27 January 2003
N. Bagavathy Ammal v. Commissioner of Income Tax, Madurai and ANR.
- Court
- Supreme Court of India
- Citation
- 2003 INSC 39 · [2003] 1 S.C.R. 614
- Case number
- CIVIL APPEAL No. 2606/2001
- Decided
- 27 January 2003
- Bench
- RUMA PAL, B.N. SRIKRISHNA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(14), 45, 46(2), 47, 48, 256(1), 12, 45(1)
Headnote
~ ... Income Tax Act, 1961; Sections 2 (14), 45, 46(2), 47, 48 and 256(1): Agricultural land received by assesseelshareholder on distribution of assets of c a company in liquidation-Exclusion of value of such agricultural lands in computing capital gains from levying of Income tax-Held, object of gains and expressly providing for receipts of assets on distribution of share by a company in liquidation as taxable event-Hence, assessee is liable to pay tax on the D market value of such agricultural lands-Income Tax Act, 1922 s.12-B. Transfer and distribution of assets of the company in
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