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of <h1>Excess Sale Proceeds Over Written Down Value Taxable as Income</h1> <h3>Pandit Lakshmikanta Jha Versus Commissioner of Income-Tax, Bihar And Orissa</h3> Pandit Lakshmikanta Jha Versus Commissioner of Income-Tax, Bihar And Orissa - [1970] 75 ITR 790 (SC) The Supreme Court ruled that the excess sale proceeds over the written down value of a business can be considered income for tax purposes. The court emphasized that the legal character of a transaction is crucial in determining tax liability. The appeal was dismissed, and the decision of the High Court was upheld. (Case citation: 1969 (2) TMI 17 - Supreme Court)
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