https://www.taxtmi.com/caselaws?id=67791 The Tribunal dismissed the Revenue's appeal, upholding the AAC's decision that the difference in asset values contributed to the reconstituted firm did not constitute taxable income. The Tribunal ruled that no sale occurred, as per a Supreme Court decision, and rejected the Revenue's argument to tax the amount as business income or short-term capital gains, as this issue was not raised before the AAC. en-us Fri, 22 May 1981 00:00:00 +0530 Mon, 14 Mar 2011 16:00:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67791 The Tribunal dismissed the Revenue's appeal, upholding the AAC's decision that the difference in asset values contributed to the reconstituted firm did not constitute taxable income. The Tribunal ruled that no sale occurred, as per a Supreme Court decision, and rejected the Revenue's argument to tax the amount as business income or short-term capital gains, as this issue was not raised before the AAC. Case-Laws Income Tax Fri, 22 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67791