1969 (2) TMI 17

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..... estion (as directed by this court to the High Court of Patna under section 66(2) of the Indian Income-tax Act, for opinion : "Whether, under the facts and circumstances of the case, the amount of Rs. 1,30,785 being the excess of sale proceeds of the building, plant and machinery over the written down value of the business of the said newspaper publications could, in law, be termed to be income, .....

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..... t was not even contended that it was not intended to be a sale. It was argued, however, that the vendor and the purchaser being the same the profits arising therefrom were not taxable. That contention cannot be accepted. The High Court was, in our judgment, right in deciding against the assessee. The appeal fails and is dismissed. No. order as to costs. Appeal dismissed.
Case laws, Decisio .....

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