https://www.taxtmi.com/caselaws?id=8858 The court held that the transfer of a business asset to a partnership firm by a petitioner did not constitute a sale or exchange under section 41(2) of the Income-tax Act, 1961. As the transaction did not fall within the purview of section 41(2), the tax liability on the credited amount of Rs. 20,000 was dismissed. The court ruled in favor of the assessee, quashing the tax levied by the Income-tax Officer and the Commissioner of Income-tax, and awarded costs of Rs. 100 to the petitioner. en-us Wed, 30 Aug 1972 00:00:00 +0530 Tue, 16 Jun 2009 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8858 The court held that the transfer of a business asset to a partnership firm by a petitioner did not constitute a sale or exchange under section 41(2) of the Income-tax Act, 1961. As the transaction did not fall within the purview of section 41(2), the tax liability on the credited amount of Rs. 20,000 was dismissed. The court ruled in favor of the assessee, quashing the tax levied by the Income-tax Officer and the Commissioner of Income-tax, and awarded costs of Rs. 100 to the petitioner. Case-Laws Income Tax Wed, 30 Aug 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8858