Supreme Court · 1997 INSC 539 · Decided 8 July 1997
Commissioner of Income Tax, Gujarat v. MIS. Electric Control Gear MFG. CO.
- Court
- Supreme Court of India
- Citation
- 1997 INSC 539 · [1997] SUPP. 1 S.C.R. 570
- Case number
- CIVIL APPEAL No. 101/1982
- Decided
- 8 July 1997
- Bench
- S.C. AGRAWAL, G.B. PATTANAIK (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 41(2), 45
Headnote
Income Tax A::t, 1961-Sections 41, l14--Part11ership concern-Trans­ fer of business as a going concern to a limited company-Liability to tax u/s. 41(2) and liability to capital gains-Nothing to indicate price att1ibutable to C assets like machinery, plant or building out of total consideration of assessee was that of an association of persons. The assessee, a partnership concern entered into an agreement whereby it transferred the entire assets of business together with liabilities D as a going concern to a limited company for a consideration of Rs. 8 lakhs. The Income Tax Officer
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