https://www.taxtmi.com/caselaws?id=36266 The High Court ruled in favor of the assessee, holding that the addition of Rs. 14,924 as profit under section 41(2) of the Income-tax Act was not justified. The court determined that the allotment of machinery and land to retiring partners did not constitute a sale or transfer under section 41(2). Referring to relevant case law, including Supreme Court decisions and a Full Bench decision of the Gujarat High Court, the High Court concluded that the transaction did not attract section 41(2) provisions. The Commissioner was directed to pay the costs of the reference to the assessee. en-us Tue, 14 Oct 1980 00:00:00 +0530 Sat, 20 Mar 2010 13:19:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36266 The High Court ruled in favor of the assessee, holding that the addition of Rs. 14,924 as profit under section 41(2) of the Income-tax Act was not justified. The court determined that the allotment of machinery and land to retiring partners did not constitute a sale or transfer under section 41(2). Referring to relevant case law, including Supreme Court decisions and a Full Bench decision of the Gujarat High Court, the High Court concluded that the transaction did not attract section 41(2) provisions. The Commissioner was directed to pay the costs of the reference to the assessee. Case-Laws Income Tax Tue, 14 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36266