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1966 (9) TMI 37 - SUPREME COURTWhether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rupees forty thousand two hundred and forty-seven could not be deemed to be profits of the assessee-company under the second proviso to section 10(2)(vii) of the Indian Income-tax Act ? Held that:- In the present case it is true that the entire assets of the appellant-company were sold to Messrs. Phelps & Co. Ltd. There was no separate sale of different items, but the consideration of each item of property sold was expressly mentioned in the agreement of sale. The contention that the transaction of sale was a mere attempt to readjust the business position of the transferor was never raised before the Tribunal and does not arise out of the order of the Tribunal. We decide this appeal on the narrow ground that the appellant-company sold the property in the second schedule for a stated consideration which was not shown to be notional, and since the consideration was in excess of the original cost of the building, the difference was profit within the meaning of section 10(2)(vii), second proviso. Appeal dismissed
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