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of <h1>Bombay HC: Machinery sale profit not taxable under Section 12. Assessee prevails, revenue covers costs.</h1> <h3>Commissioner of Income-Tax, Bombay City I Versus Western India Paints And Colour Company (Private) Limited.</h3> Commissioner of Income-Tax, Bombay City I Versus Western India Paints And Colour Company (Private) Limited. - [1971] 81 ITR 32 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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