Just a moment...

Report
FeedbackReport
Welcome to TaxTMI

We're migrating from taxmanagementindia.com to taxtmi.com and wish to make this transition convenient for you. We welcome your feedback and suggestions. Please report any errors you encounter so we can address them promptly.

Bars
Logo TaxTMI
>
×

By creating an account you can:

Feedback/Report an Error
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home /

2011 (7) TMI 378

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f Company receives an asset from the Company with the liabilities attached to it, then the value of that asset for the purposes of Section 46(2) of the Income Tax Act, 1961 should be taken at the fair market value or at the fair market value as reduced by the liabilities attached to the said asset? 2. According to the Revenue, the expression "full value" in Section 46(2) clearly indicates that fo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... liabilities attached to that asset. In the present case, the fact that the assets were transferred to the shareholders with liabilities attached to it is not in dispute. The fact that the shareholders have in fact discharged the liabilities attached to the asset is also not in dispute. In these circumstances, the decision of the Tribunal that where an asset of the Company in liquidation is distri....