https://www.taxtmi.com/caselaws?id=21770 The Tribunal allowed the second appeal, ruling that section 41(2) of the Income-tax Act was not applicable as the entire business activity of each branch was sold for a slump price, resulting in a capital gain rather than business profit. The Tribunal emphasized that the excess amount from the sale was taxable as capital gain, in line with previous decisions. The Tribunal also relied on a Board's Circular and agreements to support its interpretation, ultimately rejecting the Commissioner of Income-tax's application as no legal question arose for reference. en-us Tue, 17 Dec 1991 00:00:00 +0530 Sat, 28 Nov 2009 15:55:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21770 The Tribunal allowed the second appeal, ruling that section 41(2) of the Income-tax Act was not applicable as the entire business activity of each branch was sold for a slump price, resulting in a capital gain rather than business profit. The Tribunal emphasized that the excess amount from the sale was taxable as capital gain, in line with previous decisions. The Tribunal also relied on a Board's Circular and agreements to support its interpretation, ultimately rejecting the Commissioner of Income-tax's application as no legal question arose for reference. Case-Laws Income Tax Tue, 17 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21770