9911796707
TMI Blog1993 (9) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee was rightly and properly brought to capital gains tax. - - - - - Dated:- 14-9-1993 - Anusuiya Devi Budhia Versus Commissioner of Income-Tax Vijay Kumar Jain Versus Commissioner of Income-Tax B. P. JEEVAN REDDY. and S. P. BHARUCHA. ORDER Civil Appeal No. 2042 of 1984 : This appeal is preferred against the judgment of the Patna High Court answering the question referred to i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. In those proceedings, the assessee received certain assets towards the shares held by him. In the assessment proceedings relating to the relevant years, the question arose whether the assets so received by the assessee can be treated as his income by way of capital gains. The Income-tax Officer placed his own value on the said assets and levied the tax. The assessee's contention was that inasm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oney or other assets from the company, he shall be chargeable to income-tax under the head 'Capital gains', in respect of the money so received or the market value of the other assets on the date of distribution, as reduced by the amount assessed as dividend within the meaning of sub-clause (c) of clause (22) of section 2 and the sum so arrived at shall be deemed to be the full value of the consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tribution. The only deduction expressly provided by the sub-section is "the amount assessed as dividend within the meaning of sub-clause (c) of clause (22) of section 2". The sub-section declares further that the sum so arrived at shall be deemed to be the full value of the consideration for the purposes of section 48. (Section 48, it may be noted, specifies the permissible deductions from the ful ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erfere in the matter. This is also the view taken by this court in CIT v. R. M. Amin [1977] 106 ITR 368. Accordingly, this appeal fails and is dismissed. Civil Appeal No. 1411 of 1975 : None appeared for the appellant. However, we find that the question arising herein is the same as in Civil Appeal No. 2042 of 1984. This appeal too accordingly fails and is dismissed. No costs. Appeals dism ..... X X X X Extracts X X X X X X X X Extracts X X X X
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