https://www.taxtmi.com/caselaws?id=348479 The Court upheld the Assessing Officer's decision that profits from the transfer of trading assets at cost price constituted taxable income for the company. It ruled that the profit transferred to outgoing Directors belonged to the company and was taxable in the company's hands. The Court also held that the profit transferred to the outgoing Directors actually belonged to the assessee, making it taxable in the company's hands. The appeal was dismissed for lack of merit, affirming tax levied on actual profits. en-us Tue, 12 Sep 2017 00:00:00 +0530 Fri, 22 Sep 2017 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348479 The Court upheld the Assessing Officer's decision that profits from the transfer of trading assets at cost price constituted taxable income for the company. It ruled that the profit transferred to outgoing Directors belonged to the company and was taxable in the company's hands. The Court also held that the profit transferred to the outgoing Directors actually belonged to the assessee, making it taxable in the company's hands. The appeal was dismissed for lack of merit, affirming tax levied on actual profits. Case-Laws Income Tax Tue, 12 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348479