2011 (7) TMI 378

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..... al dismissed. - INCOME TAX APPEAL NO.1856 OF 2009, 1857 OF 2009, 1858 OF 2009 - - - Dated:- 5-7-2011 - CORAM : J.P. Devadhar A.A. Sayed, JJ. P.C.: 1. In all these appeals, the question raised by the Revenue is, where a shareholder on the liquidation of Company receives an asset from the Company with the liabilities attached to it, then the value of that asset for the purposes of Secti .....

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..... ell the assets and after discharging the liabilities attached to the asset, distribute the balance amount amongst the shareholders. In the present case, the liquidator has distributed the assets to the shareholders leaving it to the shareholder to discharge the liabilities attached to that asset. In the present case, the fact that the assets were transferred to the shareholders with liabilities at .....

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