Union Of India & Anr vs M/S Mahalaxmi Saw Mills P. Ltd. on 23 December, 2015
As far as the judgments cited
by the counsel for the respondent before us are concerned, (i) Malabar
Fisheries Company supra merely holds that distribution of assets between
erstwhile partners as a consequence of dissolution does not amount to
transfer of assets within the meaning of Section 34(3)(b) read with Section
2(47) of the Income Tax Act; (ii) K.G. Electronics Pvt. Ltd. and Human
Care Medical Charitable Trust supra were cases of change of shareholders /
directors of a company and trustees / members respectively of the company
and society respectively which were lessees and hold the same to be not
constituting transfer; and thus have no application to present controversy.