COMMISSIONER OF INCOME-TAX versus ARTEX MANUFACTURING CO.
Business Business Income Balance Charge Profit Section 41 (2) The sale of the entire business in lieu of tax levied as a concern by the company established by the company to write down the value of the assets over the value of the plant, machinery and The difference between the actual value of the assets and the written value of the assets for the deceased stock was appreciable because the business income under section 41 (2) exceeds such difference as the capital gains Indian Income Tax Act, 1922, section 10 (2) ( vii). Indian Income Tax Act, 1961, sections 41 (2) and 45
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