IN THE SUPREME COURT OF INDIA
1. The sole question for determination in this appeal by special leave is whether on a true interpretation and constriction of the second proviso to section 10(2) (vii) of the Income-tax Act, 1922, sale of the assets of an assessee effected for the purpose of closing down the business would be covered by that proviso and would be assessable as profit.
2. The assessee was running the business of plying buses in the name of Kumar Motor S
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