https://www.taxtmi.com/caselaws?id=10385 The High Court held in favor of the Revenue, ruling that the Tribunal's decision to reduce the written down value of remaining assets by the sale proceeds was illegal. The Court emphasized that under section 41(2) of the Income-tax Act, the entire sale proceeds should be treated as taxable profit when the written down value of assets is unascertainable. The Court found the Tribunal's approach unwarranted and stated that it was the assessee's responsibility to provide evidence of the written down value. Consequently, the Court upheld the assessing authority's decision to treat the entire sale price as taxable profit. en-us Thu, 20 Jan 2005 00:00:00 +0530 Tue, 14 Jul 2009 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10385 The High Court held in favor of the Revenue, ruling that the Tribunal's decision to reduce the written down value of remaining assets by the sale proceeds was illegal. The Court emphasized that under section 41(2) of the Income-tax Act, the entire sale proceeds should be treated as taxable profit when the written down value of assets is unascertainable. The Court found the Tribunal's approach unwarranted and stated that it was the assessee's responsibility to provide evidence of the written down value. Consequently, the Court upheld the assessing authority's decision to treat the entire sale price as taxable profit. Case-Laws Income Tax Thu, 20 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10385