Supreme Court · 1968 INSC 189 · Decided 13 August 1968
Commissioner of Income-Tax, Gujarat v. M/S. B. M. Kharwar
- Court
- Supreme Court of India
- Citation
- 1968 INSC 189 · [1969] 1 S.C.R. 651
- Case number
- CIVIL APPEAL No. 1678/1966
- Decided
- 13 August 1968
- Bench
- J.C. SHAH, V. RAMASWAMI, A.N. GROVER (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(vii), 10(2Hvii)
Headnote
Indian Income-tax Act 1922, s. !0(2) (vii) proviso (ii)-Fai:tory be­ longing to partnership firm transferred to private limited company­ Purtners continuing to hGve same interest in company as in firm-Transfer of assets of finn to company at value higher than written down value­ Profit applies to realisation sales-Trc.nsfer must amount to sale before C section can apply. D E F G H Machinery of a factory belonging to the respondents firm, was trans­ ferred to a p'rivate limited company. In the share capital of company the partners of the respondents firm had the same
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