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of <h1>Court rules transaction as sale, not exchange; profit addition deletion deemed incorrect under Income-tax Act</h1> <h3>Commissioner Of Income-Tax Versus Vijay Transport Company</h3> Commissioner Of Income-Tax Versus Vijay Transport Company - [1989] 175 ITR 589, 49 TAXMANN 125 The High Court of Madhya Pradesh held that the transaction in question was a sale, not an exchange. The Tribunal was wrong in deleting the profit addition under section 10(2)(vii) of the Income-tax Act. The court ruled against the assessee, who must bear their own costs. (Case citation: 1988 (10) TMI 37 - Madhya Pradesh High Court)
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