Supreme Court · 2016 INSC 969 · Decided 18 October 2016
Vatsala Shenoy v. Joint Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2016 INSC 969 · [2016] 12 S.C.R. 1
- Case number
- CIVIL APPEAL No. 1234/2012
- Decided
- 18 October 2016
- Bench
- A.K. SIKRI, N.V. RAMANA (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 583
Headnote
Income Ta:x Act, 1961: A B ss. 2(14), 45 - Capital asset - Profit/gain arising from transfer C thereof to be taxed as "Capital gains" -Assessees, erstwhile partners of a dissolved partnership firm - Winding up proceedings file.d to sell the assets of the firm and distribute the share an ongoing concern to three partners forming Association of Persons (AOP-3) - Assesseeslerstwhile partners received their D net share of the value of the assets of the firm - Taxed as capital gains in the hands of assessees by Assessing Officer - Held: Result of winding up proceedings, after
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