https://www.taxtmi.com/caselaws?id=285304 The High Court ruled in favor of the assessee, holding that the surplus on the transfer of newspaper print in the context of transferring a business as a going concern was not taxable as trading profit. The Court distinguished between trading activities and winding-up sales, determining that the stock valuation exceeding the cost price was akin to a winding-up sale, thus not subject to taxation. The judgment clarified the tax treatment of such transactions, emphasizing the need to consider the specific facts of each case. en-us Wed, 08 Jul 1964 00:00:00 +0530 Tue, 07 Jan 2020 12:06:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285304 The High Court ruled in favor of the assessee, holding that the surplus on the transfer of newspaper print in the context of transferring a business as a going concern was not taxable as trading profit. The Court distinguished between trading activities and winding-up sales, determining that the stock valuation exceeding the cost price was akin to a winding-up sale, thus not subject to taxation. The judgment clarified the tax treatment of such transactions, emphasizing the need to consider the specific facts of each case. Case-Laws Income Tax Wed, 08 Jul 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285304