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2005 (6) TMI 32 - HC - Income Tax"Whether, the Appellate Tribunal was right in law and on facts in holding that what was sold by the assessee-firm to the limited company was its running business, as a going concern together with all the assets and liabilities and the provisions of section 41(2) cannot be invoked?" - Supreme Court itself has in a similar fact situation in the case of CIT v. Electric Control Gear Manufacturing Co. distinguished its own decision in Artex Manufacturing Co. by holding that there was nothing to indicate the price attributable to the assets like machinery, plant or building out of the total consideration amount and merely because depreciation had been allowed, it could not be said that the balance was the excess amount between the price and the written down value. – therefore there is no infirmity in tribunal’s order
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