46. Capital gains on distribution of assets by companies in
liquidation.- (1) Notwithstanding anything contained
in section 45, where the assets of a company are distributed
to its shareholders on its liquidation , such distribution
shall not be regarded as a transfer by the company for the
purposes of section 45.
(2) Where a shareholder on the liquidation of a company receives
any money or other assets from the company, he shall be chargeable
to income-tax under the head “Capital gains”,
in respect of the money so received or the market value of
the other assets on the date of distribution, as reduced by
the amount assessed as dividend within the meaning of sub-clause
(c) of clause (22) of section 2 and the sum so arrived at
shall be deemed to be the full value of the consideration
for the purposes of section 48.
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