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of <h1>Bombay HC: Machinery sale profit not taxable under Section 12. Assessee prevails, revenue covers costs.</h1> The HC of Bombay held that profit from machinery sale is not taxable under section 12, differing from the Income-tax Officer's view. The court ruled for ... Amount received as excess sale proceeds over the written down value of assets - depreciation - computation of income The High Court of Bombay ruled that profit from the sale of machinery is not liable to tax under section 12, based on the interpretation of section 10(2)(vii) and a previous judgment. The court disagreed with the Income-tax Officer's assessment and ruled in favor of the assessee. The revenue was ordered to pay the respondent's costs.
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