https://www.taxtmi.com/caselaws?id=49359 A Tribunal valuation of building sale proceeds was open to correction where the estimate was unsupported by evidence and rested on conjecture rather than a legitimate inference from proved facts; the High Court could interfere on the reference. The second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922, as amended, applied only where the buildings, machinery or plant were used in the business during the relevant accounting year or part of it. The amendment removed the requirement that the sale occur while the business continued, but it did not remove the user condition. The surplus from sale of assets not used in the accounting year was therefore not taxable under the proviso. en-us Thu, 08 Oct 1964 00:00:00 +0530 Thu, 29 Oct 2015 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49359 A Tribunal valuation of building sale proceeds was open to correction where the estimate was unsupported by evidence and rested on conjecture rather than a legitimate inference from proved facts; the High Court could interfere on the reference. The second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922, as amended, applied only where the buildings, machinery or plant were used in the business during the relevant accounting year or part of it. The amendment removed the requirement that the sale occur while the business continued, but it did not remove the user condition. The surplus from sale of assets not used in the accounting year was therefore not taxable under the proviso. Case-Laws Income Tax Thu, 08 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49359