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2003 (1) TMI 5 - SC - Income TaxWhether the word "assets" in s. 46(2) must be understood according to the definition of "capital assets" in s. 2(14) - to the extent that a shareholder assessee receives assets whether capital or any other from the company in liquidation, the assessee is liable to pay tax on the market value of the assets as on the date of the distribution as provided u/s 46(2) - the invocation of section 2(14) is unnecessary for purpose of construing s. 46(2).
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