https://www.taxtmi.com/caselaws?id=276353 The court ruled that the transaction between the assessee-firm and the private limited company was not a sale in the commercial sense. Consequently, the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 was deemed inapplicable, and the amount of Rs. 40,743 could not be taxed as profits. The Commissioner was instructed to bear the costs of the reference to the assessee-firm. en-us Wed, 22 Sep 1965 00:00:00 +0530 Thu, 08 Nov 2018 10:39:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276353 The court ruled that the transaction between the assessee-firm and the private limited company was not a sale in the commercial sense. Consequently, the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 was deemed inapplicable, and the amount of Rs. 40,743 could not be taxed as profits. The Commissioner was instructed to bear the costs of the reference to the assessee-firm. Case-Laws Income Tax Wed, 22 Sep 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276353