https://www.taxtmi.com/caselaws?id=55625 The Tribunal upheld the decision of the authorities, ruling that the transaction between the firm and the partner constituted a sale under section 41(2) of the Income-tax Act, 1961. The difference between the written down value and the book value was deemed taxable as profit under section 41(2). The Tribunal emphasized that the transaction met the criteria of a sale, involving the transfer of property and payment of price, with the firm continuing its operations and the partner remaining a partner. The appeal was dismissed, affirming the tax liability on the transaction. en-us Fri, 24 Oct 1986 00:00:00 +0530 Mon, 29 Nov 2010 10:46:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55625 The Tribunal upheld the decision of the authorities, ruling that the transaction between the firm and the partner constituted a sale under section 41(2) of the Income-tax Act, 1961. The difference between the written down value and the book value was deemed taxable as profit under section 41(2). The Tribunal emphasized that the transaction met the criteria of a sale, involving the transfer of property and payment of price, with the firm continuing its operations and the partner remaining a partner. The appeal was dismissed, affirming the tax liability on the transaction. Case-Laws Income Tax Fri, 24 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55625