https://www.taxtmi.com/caselaws?id=49720 Withdrawal of shares and silver bars from stock-in-trade for settlement on trusts did not create taxable income where the assets were recorded at cost in the books and nothing was received in exchange. The majority view was that the taxing authority could not tax a merely potential or fictional profit by treating the assessee and its business as separate entities dealing with each other. As there was no immediate pecuniary advantage, the proper accounting entry remained the existing cost value, and no income arose from the transfer. en-us Fri, 09 Oct 1953 00:00:00 +0530 Tue, 17 May 2016 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49720 Withdrawal of shares and silver bars from stock-in-trade for settlement on trusts did not create taxable income where the assets were recorded at cost in the books and nothing was received in exchange. The majority view was that the taxing authority could not tax a merely potential or fictional profit by treating the assessee and its business as separate entities dealing with each other. As there was no immediate pecuniary advantage, the proper accounting entry remained the existing cost value, and no income arose from the transfer. Case-Laws Income Tax Fri, 09 Oct 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49720