1988 (10) TMI 37 - HC - Income Tax

Summary

The High Court of Madhya Pradesh held that the transaction in question was a sale, not an exchange. The Tribunal was wrong in deleting the profit addition under section 10(2)(vii) of the Income-tax Act. The court ruled against the assessee, who must bear their own costs. (Case citation: 1988 (10) TMI 37 - Madhya Pradesh High Court)