https://www.taxtmi.com/caselaws?id=29387 The court held that Section 155(5) of the Income-tax Act was not applicable as the transfer of machinery was not by the original assessee (HUF) but by individual coparceners post-partial partition. Since the HUF ceased to exist, the sale did not qualify as a transfer by the assessee. Precedent cases emphasized that the transfer must be by the assessee for Section 155(5) to apply. Consequently, the court affirmed the Appellate Tribunal's decision, ruling in favor of the assessee, who was entitled to costs. en-us Mon, 27 Jul 1981 00:00:00 +0530 Fri, 12 Mar 2010 15:21:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29387 The court held that Section 155(5) of the Income-tax Act was not applicable as the transfer of machinery was not by the original assessee (HUF) but by individual coparceners post-partial partition. Since the HUF ceased to exist, the sale did not qualify as a transfer by the assessee. Precedent cases emphasized that the transfer must be by the assessee for Section 155(5) to apply. Consequently, the court affirmed the Appellate Tribunal's decision, ruling in favor of the assessee, who was entitled to costs. Case-Laws Income Tax Mon, 27 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29387