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1973 (5) TMI 4 - MADRAS HIGH COURTTransfer of business as going concern to private limited company - Whether the amounts to a sale and whether the excess amount over written down value is liable to income-tax - In the return for the year ending March 31, 1959, the assessee included a sum of Rs. 223 referable to income from the business on 1st and 2nd April, 1959. The assessee had not asked for any change in the previous year. The Tribunal has found as a fact that the assessee carried on business for a part of the previous year ending March 31, 1960, that the assessee had plied buses on 1st and 2nd April, 1959, and, therefore, the income of Rs. 223 was assessable as income from business in the assessment year 1960-61 – therefore, we answer the questions referred in the affirmative and against the assessee
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