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2010 (12) TMI 800 - ITAT, CHENNAICapital gain or other sources - an amount of Rs.1,35,45,000/- was paid to the assessee by M/s Sambandam Spinning Mills during the relevant period, for using assessee's name, i.e. "Sambandam" as a part of the name of the company and for/on the company's product - This being intangible asset and when the assessee allowed to retain the name in the name of the company, the very same day this had been stood transferred when the consideration of Rs.1,35,45,000/- was received by the assessee - The brand name is always treated as capital asset as defined in section 2(14) of the Act - Held that: Even if the assessee continues to use his name for his personal purposes but allow use of the name in the company as per the correspondence between them, although there is a rider the assessee can withdraw this benefit when, in future, in our opinion, the transfer of partial right is exigible to capital gains - Decided in favour of the assessee
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