https://www.taxtmi.com/caselaws?id=189059 Capital gains on the transfer of business assets were treated as distinct from business profits, so relief under section 25(3) was unavailable where the gain arose from disposal of capital assets rather than business income. Section 12B was applied to transfers of capital assets even when the business was transferred as a whole, and the third proviso to section 12B(1) was confined to distribution of capital assets in specie on dissolution, not to sale proceeds or transfer to a company. The assessee's statutory right to adopt fair market value as on 1 January 1939 for eligible assets had to be considered on its merits, and the valuation issue required proper examination. en-us Fri, 12 Oct 1962 00:00:00 +0530 Tue, 27 Dec 2016 11:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189059 Capital gains on the transfer of business assets were treated as distinct from business profits, so relief under section 25(3) was unavailable where the gain arose from disposal of capital assets rather than business income. Section 12B was applied to transfers of capital assets even when the business was transferred as a whole, and the third proviso to section 12B(1) was confined to distribution of capital assets in specie on dissolution, not to sale proceeds or transfer to a company. The assessee's statutory right to adopt fair market value as on 1 January 1939 for eligible assets had to be considered on its merits, and the valuation issue required proper examination. Case-Laws Income Tax Fri, 12 Oct 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189059