Supreme Court · 1997 INSC 542 · Decided 8 July 1997
Commissioner of Income Tax, Gujarat v. M/S. Artex Manufacturing Company
- Court
- Supreme Court of India
- Citation
- 1997 INSC 542 · [1997] SUPP. 1 S.C.R. 608
- Case number
- CIVIL APPEAL No. 2276/1981
- Decided
- 8 July 1997
- Bench
- S.C. AGRAWAL, G.B. PATTANAIK (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 41(2), 45, 261
Headnote
Income Tax Act, 1961 : Section 41(2) and Section 4!r--Balancing Charge-Sale of Business as C a going concern-Difference between the wlitten down value of plant, machinery and dead stock transferred and sale consideration receive<i--Held, is chargeable to tax under Section 41(2)-Surplus, if any 45. D The assessee, a partnership firm carrying on the business of manufacturing artsilk cloth, sold its business as a running concern to a private limited company which was formed with a view to take over the business. The sale consideration of Rs. 11,50,400 was paid and satisfied by the
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