https://www.taxtmi.com/caselaws?id=8898 A transfer of depreciable transport assets to a newly formed private limited company is treated as a sale for money consideration where the price is ascertainable, even if part of the consideration is satisfied by allotment of shares and the transferor and transferee are closely connected distinct legal entities; on that basis, the balancing charge under the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 can arise even after the business has ceased. The note also explains that business income earned on 1 and 2 April 1959 remained taxable in the assessment year 1960-61 because the assessee continued the transport business during those days and had not changed the previous year. 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 A transfer of depreciable transport assets to a newly formed private limited company is treated as a sale for money consideration where the price is ascertainable, even if part of the consideration is satisfied by allotment of shares and the transferor and transferee are closely connected distinct legal entities; on that basis, the balancing charge under the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 can arise even after the business has ceased. The note also explains that business income earned on 1 and 2 April 1959 remained taxable in the assessment year 1960-61 because the assessee continued the transport business during those days and had not changed the previous year. Case-Laws Income Tax Fri, 04 May 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8898