https://www.taxtmi.com/caselaws?id=39896 Where a company sold an identified building for a stated consideration, the excess of original cost over written down value was held taxable as deemed profit under the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922. The court rejected the contention that the consideration was merely nominal or that the transfer was only a readjustment of business position, because the agreement specifically allocated consideration to the property and no proof was offered that the stated consideration or the value received was unreal. The principle applicable to a true slump sale did not apply on these facts. en-us Fri, 23 Sep 1966 00:00:00 +0530 Wed, 13 Aug 2014 19:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39896 Where a company sold an identified building for a stated consideration, the excess of original cost over written down value was held taxable as deemed profit under the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922. The court rejected the contention that the consideration was merely nominal or that the transfer was only a readjustment of business position, because the agreement specifically allocated consideration to the property and no proof was offered that the stated consideration or the value received was unreal. The principle applicable to a true slump sale did not apply on these facts. Case-Laws Income Tax Fri, 23 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39896