Distribution of assets in the event of Liquidation [Sec. 2(22)(c)]

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... company immediately before its liquidation, whether capitalized or not. Notes: The FMV of assets on date of distribution shall be considered for determining the deemed dividend. Distribution is deemed as dividend to the extent of accumulated profits, whether capitalized or not, immediately before liquidation. Section 46(1): Notwithstanding anything contained in section 45 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... quent to the date on which the company goes into liquidation shall not be considered. Where the capital asset became the property of the assessee on distribution of capital assets by a company on its liquidation and the shareholder has been assessed to income-tax under the head Capital Gains in respect of that asset under section 46, the cost of acquisition of the asset will be the fair marke .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X