https://www.taxtmi.com/caselaws?id=276677 The second proviso to section 10(2)(vii) of the Income-tax Act, 1922 applies only where the asset sold had been used for the assessee's business during the relevant accounting year; it does not deem a business to continue after it has already ceased. On that basis, sale proceeds realised after cessation of business were not assessable as deemed business profits. The Tribunal also lacked material to disturb the Appellate Assistant Commissioner's accepted valuation of the buildings, since the existing expert evidence supported that figure and there was no evidentiary basis for a higher estimate. en-us Wed, 07 Dec 1960 00:00:00 +0530 Thu, 15 Nov 2018 17:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276677 The second proviso to section 10(2)(vii) of the Income-tax Act, 1922 applies only where the asset sold had been used for the assessee's business during the relevant accounting year; it does not deem a business to continue after it has already ceased. On that basis, sale proceeds realised after cessation of business were not assessable as deemed business profits. The Tribunal also lacked material to disturb the Appellate Assistant Commissioner's accepted valuation of the buildings, since the existing expert evidence supported that figure and there was no evidentiary basis for a higher estimate. Case-Laws Income Tax Wed, 07 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276677