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1971 (8) TMI 85 - HC - Income TaxFirm carrying on business in bus transport was dissolved and the buses were allotted to two partners - the written down value is nil after allowing initial depreciation - whether the value at which the partners took over the vehicles amounts to profits - whether the allotment to the partners can be treated as a sale - Whether, on the facts and in the circumstances of the case, the provisions of section 10(2)(vii) were applicable to the transaction in question
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