34,040/ could be held to have been rightly included in the capital gain of the assessee under Section 46 read with Sections 48 and 49 of the Income tax Act, 1961?
2042 of 1984 This appeal is preferred against the judgment of the Patna High, Court answering the question referred to it in favour of the Revenue and against the assessee.
In the assessment proceedings relating to the relevant years, question arose whether the assets so received by the assessee can be treated as his income by way of capital gains.
34,040/ was assessable in the hands of the assessee under the head Capital Gains.
In those proceedings, the assessee received certain assets towards the shares held by him.
Assessees companytention was that inasmuch as there was numbertransfer of property and since the income did number arise from any such transfer, numbercapital gains companyld be said to have arisen.
The assessee was a shareholder in a Private Limited Company.
The reference was made at the instance of the Revenue.
The Company went into liquidation.
Civil Appeal No.
The I.T.O. placed his own value on the said assets and levied the tax.
