https://www.taxtmi.com/caselaws?id=37413 The High Court upheld the Tribunal's decision that the firm ceased business activities after completing the construction contract, despite subsequent activities related to settling bills and selling remaining stock. The court agreed that these actions were part of winding up, not ongoing business operations, and that the firm's business was limited to executing the contract. The delayed receipt of settlement funds did not change the determination that the firm had concluded its business activities. The court ruled against the assessee, affirming the Tribunal's decision and ordering them to bear the reference costs. en-us Fri, 30 Jun 1978 00:00:00 +0530 Mon, 29 Mar 2010 15:25:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37413 The High Court upheld the Tribunal's decision that the firm ceased business activities after completing the construction contract, despite subsequent activities related to settling bills and selling remaining stock. The court agreed that these actions were part of winding up, not ongoing business operations, and that the firm's business was limited to executing the contract. The delayed receipt of settlement funds did not change the determination that the firm had concluded its business activities. The court ruled against the assessee, affirming the Tribunal's decision and ordering them to bear the reference costs. Case-Laws Income Tax Fri, 30 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37413