https://www.taxtmi.com/caselaws?id=36048 The court held that the principle of mutuality does not apply, ruling in favor of taxing the assessee. Section 41(2) of the Income-tax Act was deemed inapplicable as the transaction involved the sale of the entire business as a going concern. The surplus was classified as capital gains, not business income. The assessee was considered a body of individuals post-business transfer. The court denied relief based on circulars and held the transfer of the going concern taxable under Section 45 as capital gains. The outcome favored the revenue on the first question and the assessee on the subsequent issues. Costs were awarded to the assessee. en-us Thu, 28 Aug 1980 00:00:00 +0530 Fri, 19 Mar 2010 10:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36048 The court held that the principle of mutuality does not apply, ruling in favor of taxing the assessee. Section 41(2) of the Income-tax Act was deemed inapplicable as the transaction involved the sale of the entire business as a going concern. The surplus was classified as capital gains, not business income. The assessee was considered a body of individuals post-business transfer. The court denied relief based on circulars and held the transfer of the going concern taxable under Section 45 as capital gains. The outcome favored the revenue on the first question and the assessee on the subsequent issues. Costs were awarded to the assessee. Case-Laws Income Tax Thu, 28 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36048