1967 (5) TMI 3 - SC - Income Tax

ITO found that the value realised exceeded the written down value by ₹ 43,568 and accordingly computed the profits under s. 10(2)(vii) of the IT Act, 1922, and included the amount in the taxable income of the assessee-company - said transaction amounts to a sale within the purview of the second proviso to s. 10(2)(vii) - revenue's appeal dismissed