Commissioner of Income Tax Vs Major S.S. Sukhi

Bombay High Court 15 Nov 1988 Income-tax Reference No. 20 of 1976 (1988) 11 BOM CK 0075

Bench: Division Bench

Acts Referenced

Judgement Snapshot

Case Number

Income-tax Reference No. 20 of 1976

Hon'ble Bench

T.D. Sugla, J; S.P. Bharucha, J

Acts Referred

Income Tax Act, 1961 - Section 45

Judgement Text

Translate:

S.P. Bharucha, J.@mdashCounsel are agreed that, the only question that is referred at the instances of the Revenue in this reference is covered by the judgment of the Supreme Court in Commissioner of Income Tax, Bangalore Vs. B.C. Srinivasa Setty, . The question reads thus:

"Whether, on the facts and in the circumstances of the case, Rs. 50,000 received by the assessee for transferring the goodwill of the business were chargeable to tax under the head ''Capital gains''?"

2. Having regard to the aforesaid judgment, the question is answered in the negative and in favour of the assessee.

3. No order as to costs.

Himachal Pradesh HC