https://www.taxtmi.com/caselaws?id=68857 Sale of quarry machinery and other capital goods after the quarrying activity had already been discontinued was not turnover in the course of business. The quarry operation was treated as a separate and distinct business, and once it had ceased, the machinery and equipment became capital assets of a dead business; their sale was only realisation of capital investment, not a business transaction. Continuance of other lines of business did not extend the discontinued quarry activity for tax purposes. The turnover from such sale was therefore not taxable. en-us Mon, 02 Jun 1975 00:00:00 +0530 Sat, 02 Apr 2011 11:08:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68857 Sale of quarry machinery and other capital goods after the quarrying activity had already been discontinued was not turnover in the course of business. The quarry operation was treated as a separate and distinct business, and once it had ceased, the machinery and equipment became capital assets of a dead business; their sale was only realisation of capital investment, not a business transaction. Continuance of other lines of business did not extend the discontinued quarry activity for tax purposes. The turnover from such sale was therefore not taxable. Case-Laws Income Tax Mon, 02 Jun 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68857