1988 (10) TMI 37

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..... abalpur, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the true nature of the transaction dated March 24, 1955, was that of an exchange and not of sale and consequently in deleting the addition of Rs. 68,821, which was added as profit under the second proviso to .....

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..... inding of the Income-tax Officer modifying the amount of profit. On further appeal before the Tribunal, the Tribunal held that the transaction by which the buses were transferred to the Combined Transport Co. Pvt. Ltd. was in the nature of sale and not exchange and, therefore, the provisions of section 10(2)(vii) of the Act were attracted. Aggrieved by the order passed by the Tribunal, the assesse .....

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..... foresaid question of law has come up before us for consideration. At the time of hearing, learned counsel for the parties stated that the matter arising in this case also came up for consideration before this court in CIT v. Amar Transport Services [1986] 162 ITR 1. A Division Bench of this court, while considering the nature of a transaction similar to that entered into by the assessee, held th .....

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