Supreme Court of India
The Commissioner of Income Tax – 23 v. M/s. Mansukh Dyeing and Printing Mills
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What the Court ordered
In view of the above and for the reasons stated above, the impugned judgment and order passed by the High Court and that of the ITAT are unsustainable and the same deserves to be quashed and set aside and are accordingly quashed and set aside.
Judgment, page 15
From the 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 by way of distribution 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 fir m – The object and purpose of introduction of s.45(4) was to pluck the loophole by insertion of s.45(4) and omission of s.2(47)(ii) – arlier, there
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