TMI Blog2010 (3) TMI 711X X X X Extracts X X X X X X X X Extracts X X X X ..... (1997 -TMI - 5605 - SUPREME Court), we have to answer the questions of law against the Revenue and in favour of the assessee - Consequently, the appeal is dismissed - 2566/05 - - - Dated:- 17-3-2010 - MANJUNATH K. L. and KEMPANNA H. S. JJ. Judgment: K. L. Manjunath J.- The Revenue has come up in this appeal, challenging the correctness of the order passed by the Commissioner of Income-tax (Appeals), which has been affirmed by the Tribunal, Bangalore Bench, in I. T. A. No. 31/Bang/2001, dated December 28, 2004. 2. The facts leading to this case are as hereunder : 3. The assessee is in the status of a firm. For the assessment year 1995-96, the return was filed on October 31, 1995, declaring an income of Rs.22,55,710. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s were correct in holding that the Assessing Officer was not correct in bringing to tax the various assets sold by the assessee for a sum of Rs. 1,50,00,000 shown in its books as written down value of Rs. 23,02,460 and worked out the dif-ference by a sum of Rs. 1,26,97,540 as per section 41(2) of the Act which was brought to tax under section 50 of the Act ? (II) Whether the appellate authorities were correct in merely rely-ing on the various judgments of the apex court and other High Courts without examining the facts and circumstances of the present case and the provisions of the section, i.e., section 41(2) of the Act which clearly contemplated sale of building, plant and machinery, furniture, etc., for more than the WDV and the differ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 41(2) of the Act is not applicable to the facts involved in Electric Control Gear Manufacturing Company [1997] 227 ITR 278. 10. In view of these two judgments, we have to find out whether the facts in the present case are similar to the case in Artex Manufacturing Com-pany [1997] 227 ITR 260 (SC) or Electric Control Gear Manufacturing Company [1997] 227 ITR 278. If the case in hand is similar to that of Artex Manufacturing Company [1997] 227 ITR 260 (SC), we have to reverse the finding of the Tribunal as well as the Commissioner of Income-tax (Appeals), and if the judgment in Electric Control Gear Manufacturing Company [1997] 227 ITR 278 could be made applicable to the present case based on the facts of the case, then the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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