The said companypany went into voluntary liquidation as per special resolution dated July 10, 1961.
It was pointed out by him that the Uganda companypany was number a companypany within the meaning of section 2 17 of the Act of 1961 and the shareholders thereof companyld number be said to be entitled to the benefit provided under section 46 2 of the Act of 1961.
As per this account, the assessee became entitled to receive Sh.
The Income tax Officer treated the amount of Rs.1,84,326 as capital gains liable to tax within the meaning of section 45 of the Act of 1961.
The liquida tors sold the assets of the companypany in due companyrse and the liquidators account was finally drawn up on July 31, 1961.
4,68,489 at the rate of Sh.
From the judgment and order dated the 16th Oct., 1970 of the.
There was thus an excess of Rs.1,84,326.
Accord ingly, the entire amount was liable to be taxed as above.
The above amount was equivalent to Rs.3,12,326.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
51 of 1972.
This amount was received by the assessee during the accounting year.
Gujarat High Court in I.T. Ref.
Sen, Mrs. ,4.
The matter relates to the assessment year 1962 63, for which the accounting previous year was calendar year 1961.
The assessee who is an individual held 192 shares of Kawelengoji Ginneries Ltd., Kampala, a private limited companypany incorporated in Uganda hereinafter referred to as the Uganda companypany .
4 of 1967 S. Desai, J. Ramamurthi and Girish Chandra, for the appel lant.
1,92,000, equivalent to Rs.28,000.
Those shares were acquired by the assessee sometimes before January 1, 1954 and he paid Sh.
1000 for each share.
The amount thus paid by the assessee for the 192 shares was Sh.
Judgment of the Court was delivered by KHANNA, J. This appeal on certificate is against the judgment of Gujarat High Court whereby the High Court an swered the following question referred to it under section 256 1 of the Income tax Act, 1961 hereinafter referred to as the Act of 1961 in favour of the assessee respondent and against the revenue Whether on the facts and in the circumstances of the case, there was a transfer of a capital asset within the meaning of section 45 read with section 2 47 of the Income tax Act, 1961 ?
K. Verma, K.J. John and Shri Narain for the respondents.
