https://www.taxtmi.com/caselaws?id=5125 Sale proceeds from buses used in the business were taxable under the second proviso to section 10(2)(vii) of the Income-tax Act, 1922 because the amended wording covered sales made during business continuity or after cessation. The amendment removed the earlier requirement that the machinery or plant be sold only while the business was still being carried on, including sales made as part of winding up or realisation. Since the business had been carried on during the relevant period and the buses had been used in that business, the statutory conditions were met and the proceeds were chargeable to tax. en-us Fri, 02 Aug 1968 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5125 Sale proceeds from buses used in the business were taxable under the second proviso to section 10(2)(vii) of the Income-tax Act, 1922 because the amended wording covered sales made during business continuity or after cessation. The amendment removed the earlier requirement that the machinery or plant be sold only while the business was still being carried on, including sales made as part of winding up or realisation. Since the business had been carried on during the relevant period and the buses had been used in that business, the statutory conditions were met and the proceeds were chargeable to tax. Case-Laws Income Tax Fri, 02 Aug 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5125