Supreme Court · 2022 INSC 1225 · Decided 24 November 2022
The Commissioner of Income Tax – 23 v. M/S. Mansukh Dyeing and Printing Mills
- Court
- Supreme Court of India
- Citation
- 2022 INSC 1225 · [2022] 8 S.C.R. 785
- Case number
- CIVIL APPEAL No. 8258/2022
- Decided
- 24 November 2022
- Bench
- M.R. SHAH, M.M. SUNDRESH (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 45(4)
Headnote
Income Tax Act, 1961: s.45(4) - Applicability of - Captial gains - Profits or gains arising from the transfer of a capital asset - Object of introducing s.45(4) - Held: s.45(4) states that the profits or gain arising from the transfer of capital assets of capital assets on account of dissolution of a firm or other association of persons or body of individuals or otherwise shall be chargeable to tax as the income of the firm - The object and purpose of introduction of s.45(4) was to pluck the loophole by insertion of s.45(4) and
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