Section 46 of the Income Tax Act

Income-tax Act, 2025: s.68

Section 46 of the Income-tax Act, 1961 corresponds to section 68 (Capital gains on distribution of assets by companies in liquidation) of the Income-tax Act, 2025.

Read section 68 of the 2025 Act

Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.

The decision most relied on for Section 46 is Vinita M. Khanolkar v. Pragna M. Pai & Ors. (1 SCC 500), cited in 8 of the 37 judgments on BharatTax that turn on this section.

Leading authorities on Section 46

Vinita M. Khanolkar v. Pragna M. Pai & Ors.
1 SCC 500 · 1973 · Reported
8
citing judgments
Nanda Kumar v. Union of India
396 ITR 21 · 2017 · High Court
5
citing judgments
Kasat Paper 8s Pulp Ltd. v. ACIT
74 ITD 455 · 2000 · ITAT
3
citing judgments

Judgments on Section 46

Mukesh Mishra, Thane vs. ACIT, Circle 1, Thane

In the result, appeal filed by the Assessee is allowed for statistical purposes

ITA 5853/MUM/2026[2020-2021]Status: DisposedITAT Mumbai08 Oct 2026AY 2020-2021

Bench: Shri Challa Nagendra Prasad & Shri Rakesh Kumar Lodhaassessment Year: 2020-2021 Mukesh Mishra Acit, Circle 1, Thane 2A/142, Pristine, Kalpataru Qureshi Mansion, Hills, Near Tikujini Wadi, Gokhale Road, Thane Vs. Manpada, Thane – 400 602 Thane- 400610 Maharashtra Maharashtra Pan- Anjpm3526D (Appellant) (Respondent) Assessee Represented By : Ms Ketki Rajeshirke Revenue Represented By : Shri Prasana Prakash Tewari Sr Ar Date Of Hearing : 02.09.2026 Date Of Pronouncement : 08.10.2026 O R D E R Per : Shri Rakesh Kumar Lodha: This Appeal Has Been Field By The Assessee, Against An Order Dated 10-03-2026, Under Section 250 Of The Act, Passed By The National Faceless Appeal Centre, Delhi [“Nfac”], For The Assessment Year

Section 143(3)Section 250Section 250(6)Section 45Section 69

Commissioner of Customs (Import) vs. M/S Welkin Foods

C.A. No.-005531 - 2025Supreme Court06 Jan 2026

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

Section 46

Dy. Commissioner of Income Tax, Pune vs. Dilip Motilalji Chordia, Pune

In the result, the appeal filed by the Revenue as well as

ITA 1486/PUN/2024[2017-18]Status: DisposedITAT Pune22 Dec 2025AY 2017-18

Bench: Dr. Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.1486/Pun/2024

Section 143(2)Section 143(3)Section 250(4)Section 44ASection 96

Shri Parameswar Mohanta, Mayurbhanj vs. Income Tax Officer, Ward-1, Baripada

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 436/CTK/2025[2019-20]Status: DisposedITAT Cuttack03 Dec 2025AY 2019-20

Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAJESH KUMAR (Accountant Member)

For Appellant: Shri Somnath Sahoo, ARFor Respondent: Shri Vijay Singh, Sr. DR

Pradyumna Kumar Tiwari Lh Late Smt. Jigan Bai, Jaipur vs. ITO 1(2) Ward, Jaipur

In the result order of the Ld

ITA 900/JPR/2024[1950-51 to 1961-62 under the 1922 Act r.w. provisions of 1961 Act]Status: DisposedITAT Jaipur07 Aug 2025

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalpradyumna Kumar Tiwari, Lh Of Shri Govind Narain Tiwari, B-14, Shiv Marg Banipark, Jaipur 302 001 Pan No.: Aatpt 9641B ...... Appellant Vs.

For Appellant: NoneFor Respondent: Mr. Gautam Singh Choudhary, JCIT- Ld. DR
Section 220(2)Section 246Section 250Section 46

Pradyumna Kumar Tiwari Lh of Shri Govind Narain Tiwari, Jaipur vs. ITO, 1(2) Ward, Jaipur

In the result order of the Ld

ITA 899/JPR/2024[1951-52 to 1961-62 under the 1922 Act r.w. provisions of 1961 Act]Status: DisposedITAT Jaipur07 Aug 2025

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalpradyumna Kumar Tiwari, Lh Of Shri Govind Narain Tiwari, B-14, Shiv Marg Banipark, Jaipur 302 001 Pan No.: Aatpt 9641B ...... Appellant Vs.

For Appellant: NoneFor Respondent: Mr. Gautam Singh Choudhary, JCIT- Ld. DR
Section 220(2)Section 246Section 250Section 46

Pradyumna Kumar Tiwari, Jaipur vs. ITO 1(2) Ward, Jaipur

In the result order of the Ld

ITA 898/JPR/2024[1950-51 to 1962-63 under 1922 Act r.w. procedures of the 1961 Act]Status: DisposedITAT Jaipur07 Aug 2025

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalpradyumna Kumar Tiwari, Lh Of Shri Govind Narain Tiwari, B-14, Shiv Marg Banipark, Jaipur 302 001 Pan No.: Aatpt 9641B ...... Appellant Vs.

For Appellant: NoneFor Respondent: Mr. Gautam Singh Choudhary, JCIT- Ld. DR
Section 220(2)Section 246Section 250Section 46

Purnima Narendra Madhani, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai

In the result, the appeal filed by the Assessee stands allowed for statistical purposes

ITA 1370/MUM/2025[2018-19]Status: DisposedITAT Mumbai11 Jun 2025AY 2018-19

Bench: Shri Narender Kumar Choudhryassessment Year: 2018-19

For Appellant: Shri Anish Shah, Ld. ARFor Respondent: Shri Kavan Limbasiya, Ld. Sr. DR
Section 250

Dilip Singhvi vs. The Deputy Commissioner of Income Tax (Bpu)

CMA/2693/2024HC Rajasthan03 Feb 2025
Section 24(5)Section 26(3)

Deputy Commissioner of Income Tax, Circle-2(1)(1), Bengaluru vs. Canara Bank, Bengaluru

ITA 222/BANG/2024[2017-18]Status: DisposedITAT Bangalore17 Jan 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Respondent: Sri Abrarana &Anantham, A.Rs
Section 115JSection 14ASection 250Section 36(1)

Canara Bank, Bengaluru vs. The Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore, Bengaluru

ITA 1154/BANG/2023[2018-19]Status: DisposedITAT Bangalore17 Jan 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Abarana &Anantham, A.RsFor Respondent: Ms. Neera Malhotra, D.R
Section 115JSection 14ASection 250Section 38(1)

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Ravi Modi, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 1673/KOL/2024[2019-20]Status: DisposedITAT Kolkata19 Dec 2024AY 2019-20

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Ravi Modi, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 1672/KOL/2024[2018-19]Status: DisposedITAT Kolkata19 Dec 2024AY 2018-19

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Shilpi Modi, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 1671/KOL/2024[2019-20]Status: DisposedITAT Kolkata19 Dec 2024AY 2019-20

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Shilpi Modi, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 1670/KOL/2024[2018-19]Status: DisposedITAT Kolkata19 Dec 2024AY 2018-19

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

M/S Fibre Texx, Mumbai vs. ACIT-18(1), Mumbai

In the result, the appeal filed by the assessee stands allowed for statistical purposes

ITA 147/MUM/2024[2009-10]Status: DisposedITAT Mumbai27 May 2024AY 2009-10

Bench: Shri Narender Kumar Choudhryassessment Year: 2009-10

For Appellant: NoneFor Respondent: Ms. Rajeshwari Menon, Sr. DR
Section 250

M/S. Standard Chartered Bank, Mumbai vs. DDIT (I.T) - 2(1), Mumbai

In the result, the appeal of revenue is partly allowed

ITA 3377/MUM/2006[1998-1999]Status: DisposedITAT Mumbai13 Nov 2023AY 1998-1999

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

For Appellant: Shri Madhur Agarwal, Ld. ARFor Respondent: Shri Anil Sant, Ld. DR
Section 115JSection 145Section 195Section 195(1)Section 250Section 40Section 90(2)

Industrial Development Bank of India (Through Stressed Assets Stabilization Fund Constituted by the Government of India) vs. Superintendent of Central Excise and Customs and Others

Appeal is allowed and the impugned judgment dated 26th August 2008

CIVIL APPEAL No. 2568/2013Supreme Court18 Aug 2023

Bench: 2 Judges

Section 46Section 529ASection 530

Somchand Giriraj Gupta, Vijayapur vs. Income Tax Officer Ward- 1 & Tps, Vijayapur

In the result appeal filed by assessee stands allowed for statistical purposes

ITA 124/BANG/2019[2015-16]Status: DisposedITAT Bangalore11 Oct 2021AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2015-16 Shri Somchand Giriraj Gupta, The Income Tax Officer, Mukund Nagar, Ward 1 & Tps, Station Road, Vijayapur. Vijayapura. Vs. Pan: Abtpg6461F Appellant Respondent Assessee By : Shri V. Srinivasan, Ca Revenue By : Smt. H. Kabila, Addl. Cit (Dr) Date Of Hearing : 27-08-2021 Date Of Pronouncement : 11-10-2021 Order Per Beena Pillai

For Appellant: Shri V. Srinivasan, CAFor Respondent: Smt. H. Kabila, Addl. CIT (DR)
Section 143(2)Section 46

Smt. Rekha Devi, New Delhi vs. DCIT, New Delhi

Appeal are allowed

ITA 3947/DEL/2016[2012-13]Status: DisposedITAT Delhi09 Sept 2021AY 2012-13

Bench: Shri R. K. Panda & Ms Suchitra Kamble

Section 2(47)Section 234ASection 53A