Supreme Court · 1968 INSC 173 · Decided 2 August 1968
Commissioner of Income-Tax, Kerala v. K. B. Kalikutty and ANR.
- Court
- Supreme Court of India
- Citation
- 1968 INSC 173 · [1969] 1 S.C.R. 531
- Case number
- CIVIL APPEAL No. 714/1966
- Decided
- 2 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)
Headnote
c D Income Tax Act, 1922, s. 10(2)(vii), second proviso-as amended by Act 67 of 1949-Scope of. The assessee was running a business of plying buses and during its previous year ending on August 16, 1959, the buses h:lli been plied for part of the year but were sold the~eafter. The Income-tax. pnce Of the buses and their written down value to tax as profit under the second proviso to s. 10(2)(vii). In appeal, the Appellate Assistant Commissioner rejected the assessee's con­ tention that the business had been transferred as a whole and therefore the profit in question could not be
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