https://www.taxtmi.com/caselaws?id=7876 Revaluation of machinery followed by its introduction into a partnership firm did not create taxable profit where the transaction was, in substance, only a readjustment of assets among the same commercial owners. The High Court treated the firm as not a separate purchaser for this purpose and held that the book entry reflected only a notional advantage, not real income arising in the accounting year. As no actual sale or transfer profit was generated, the amount was excluded from the assessee's total income and could not be taxed as profit from sale or transfer. en-us Wed, 15 Nov 1967 00:00:00 +0530 Mon, 23 Mar 2009 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7876 Revaluation of machinery followed by its introduction into a partnership firm did not create taxable profit where the transaction was, in substance, only a readjustment of assets among the same commercial owners. The High Court treated the firm as not a separate purchaser for this purpose and held that the book entry reflected only a notional advantage, not real income arising in the accounting year. As no actual sale or transfer profit was generated, the amount was excluded from the assessee's total income and could not be taxed as profit from sale or transfer. Case-Laws Income Tax Wed, 15 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7876