https://www.taxtmi.com/caselaws?id=5048 The second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 applies only where a transfer is in substance a sale and the sale price exceeds the written down value of the asset. A transfer of business assets to a company may be structured as a sale or an exchange, and the true legal character depends on clear factual findings. Because the Tribunal had not definitively found whether the motor buses were transferred for money consideration or for shares, no tax consequence could be determined on the reference and fresh factual findings were required before the issue could be answered. en-us Fri, 05 May 1967 00:00:00 +0530 Tue, 18 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5048 The second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 applies only where a transfer is in substance a sale and the sale price exceeds the written down value of the asset. A transfer of business assets to a company may be structured as a sale or an exchange, and the true legal character depends on clear factual findings. Because the Tribunal had not definitively found whether the motor buses were transferred for money consideration or for shares, no tax consequence could be determined on the reference and fresh factual findings were required before the issue could be answered. Case-Laws Income Tax Fri, 05 May 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5048