TMI Blog1987 (1) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of the Commissioner of Income-tax. We do not propose, to make the rule absolute for the reasons we now state, The questions proposed read thus: " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in confirming the decision of the Appellate Assistant Commissioner holding that the amount of Rs. 15,000 received by the assessee was exempt under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned to consider the sum of Rs. 15,000 as business income or profit. It concluded that the sum of Rs. 15,000 was exempt under section 47(ii) of the Income-tax Act. 1961, which reads: 47. Nothing contained in section 45 shall apply to the following transfers:-... (ii) any distribution of capital assets on the dissolution of a firm, body of individuals or other association of persons ; " There ..... X X X X Extracts X X X X X X X X Extracts X X X X
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