https://www.taxtmi.com/caselaws?id=8898 For balancing charge purposes, transfer of depreciable transport assets to a newly formed company constitutes a sale where the assets are transferred for an ascertainable price, even if consideration is partly discharged through share allotment and the balance remains payable by the company. The company's separate legal personality prevents the transaction from being treated merely as a change in the mode of enjoying the business. Balancing charge liability may arise despite cessation of the business or sale during realisation. Business income earned during the first two days of the accounting period remains assessable in that period where the business continued and no change of previous year was obtained. en-us Fri, 04 May 1973 00:00:00 +0530 Wed, 17 Jun 2009 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8898 For balancing charge purposes, transfer of depreciable transport assets to a newly formed company constitutes a sale where the assets are transferred for an ascertainable price, even if consideration is partly discharged through share allotment and the balance remains payable by the company. The company's separate legal personality prevents the transaction from being treated merely as a change in the mode of enjoying the business. Balancing charge liability may arise despite cessation of the business or sale during realisation. Business income earned during the first two days of the accounting period remains assessable in that period where the business continued and no change of previous year was obtained. Case-Laws Income Tax Fri, 04 May 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8898