Supreme Court · 1971 INSC 22 · Decided 21 January 1971
C.I.T., U.P. v. Bankey Lal Vaidya (Dead) BY L.RS~
- Court
- Supreme Court of India
- Citation
- 1971 INSC 22 · [1971] 3 S.C.R. 406
- Case number
- CIVIL APPEAL No. 1223/1967
- Decided
- 21 January 1971
- Bench
- J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 128(1), 12B(l), 66(1)
Headnote
Income-tax Act, 1922, s. 128(1)-Partition of asset• of a firm 011 dis-· K solution-Assets of firms valuett--Outgoing partner paid value of his share-Whet.her transaction amounts to sale resulting· iii capital gain. The respondent who was the karta of his Hindu undivided family pharmaceutical products etc. On July 27, 1946 the partnership was dissolved. The assets of the firm which included good­ will, machinery, furniture etc. were valued on tile date of dissolution at Rs. 2,50,000 and the respondent was paid the sum of Rs. 1,25,000 in lieu of his share and the
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