1997 (7) TMI 7 - SUPREME COURT

Sale of business of firm to company as going concern - ITO held that the w.d.v. of plant, machinery and dead stock as per income-tax records was Rs. 3,32,276 and after deducting the same from the amount of Rs. 15,87,296 for which the plant, machinery and dead stock were transferred to the company, the ITO held that tax was payable u/s 41(2) - Tribunal was right in holding that the status of the assessee was a registered firm and not that of an association of persons