https://www.taxtmi.com/caselaws?id=6313 Revaluation of machinery in the owner's books did not amount to a sale, because sale requires distinct buyer and seller, and contributing the machinery as capital to a partnership in which the owner was a partner was likewise not a sale to the firm. On those facts, there was no transaction capable of generating trading profit or income from an adventure in the nature of trade. The addition based on the revalued amount was therefore not assessable as taxable profit or business income, and the deletion of the addition was upheld in favour of the assessee. en-us Mon, 06 Sep 1971 00:00:00 +0530 Thu, 24 Nov 2022 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6313 Revaluation of machinery in the owner's books did not amount to a sale, because sale requires distinct buyer and seller, and contributing the machinery as capital to a partnership in which the owner was a partner was likewise not a sale to the firm. On those facts, there was no transaction capable of generating trading profit or income from an adventure in the nature of trade. The addition based on the revalued amount was therefore not assessable as taxable profit or business income, and the deletion of the addition was upheld in favour of the assessee. Case-Laws Income Tax Mon, 06 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6313