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Bankey Lal Vaidya, Aligarh vs Commissioner Of Income-Tax, U. P. on 5 March, 1964 cites

Gowri Tile Works And Ors. vs Commr. Of Income-Tax, Madras on 26 September, 1956

Learned counsel for the Commissioner has placed reliance upon Gowri Tile Works v. Commissioner of Income-tax. The decision in that case proceeded upon the assumption that the proviso in section 12B(1) applied only to a case where the capital assets were distributed in specie, and accordingly, it was held that the share in the price of the assets realised by their sale, so far as it was in excess of the original cost, was not exempted by the proviso from assessment as capital gains. With respect, we find ourselves unable to agree. It does not appear that the learned judges considered that it was not unusual for the assets of a partnership firm to be distributed in the manner described above. Indeed, it seems to us that it was in order to removed any doubt that such distribution of distribution of partnership assets could not be said to be a sale, exchange or transfer that the legislature inserted the proviso under consideration.
Madras High Court Cites 12 - Cited by 10 - Full Document
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