charge of capital gains on liquidation, on distribution of assets on the liquidation of a company. While sub-section (1) stated in no uncertain terms ... made to section 547 of the Companies Act, which deals with notification that a company is in liquidation, which refers to such a company being
reads as under :
"Capital gains on distribution of assets by companies in liquidation.-
(1) Notwithstanding anything contained in Section 45 , where the assets ... liquidation in satisfaction of his rights in the company. If a company in liquidation chooses to convert all its assets into money and thereafter, effects
reads as under:
"Capital gains on distribution of assets by companies in liquidation.(1) Notwithstanding anything contained in section 45 , where the assets ... liquidation in satisfaction of his rights in the company. If a company in liquidation chooses to convert all its assets into money and thereafter, effects
said company went into
voluntary liquidation in the year 1961. The liquidators,
sold the assets of the company and the assessee received an
amount equivalent ... another angle. In
the case of Indian companies and the other companies falling
within the definition of company, as given in section
share on the distribution of the net assets of the company in liquidation, he receives such moneys in satisfaction of the right which belongs ... liquidation of the said company pursuant to his right in those shares. The foreign company had gone into voluntary liquidation. Thus, no change took place
company equal in number and face value to the share they held in the old company. Thereafter, the liquidator distributed from time to time various ... when a company is taken into liquidation and the liquidator starts distribution of the assets of the company among the shareholders, there is a progressive
went into voluntary liquidation by a special resolution dated 10th July, 1961, and in the liquidation, the assets of the Uganda company were sold ... shareholder when the company is a going concern; they come to an end when the company goes into liquidation. ON a winding
Private) Ltd., Nagercoil
(referred to hereafter as the 'Company'). The Company went
into liquidation in 1964. Pursuant to a compromise decree
dated 22nd ... also a share holder in
the company), and the company represented by the liquidator,
the assets of the company which included agricultural lands
were distributed
Properties (P.) Ltd., Ranchi. The company went into voluntary liquidation. The voluntary liquidator valued the company's property situated at Patna ... company on the date of distribution. A contributory receiving assets from a company not necessarily receives the assets of the value determined by the liquidator
Supply Corporation, which went into liquidation some years back. The assessee was received dividend from the liquidator of the company during the last few years ... will apply to all receipts from the liquidator in the course of the liquidation of the company as dividends towards the shares held by them
