1970 (3) TMI 36 - HC - Income Tax

Amount received as excess sale proceeds over the written down value of assets - depreciation - computation of income

Summary

The High Court of Bombay ruled that profit from the sale of machinery is not liable to tax under section 12, based on the interpretation of section 10(2)(vii) and a previous judgment. The court disagreed with the Income-tax Officer's assessment and ruled in favor of the assessee. The revenue was ordered to pay the respondent's costs.