2019 (7) TMI 972 - SCH - Income Tax

Penalty u/s 271(1)(c) - characterization of income - assessee is an H.U.F. and who is partner in the partnership business - Income relates to valuation of trademark and goodwill - Tribunal held that the proportionate income falling at the hands of the assessee would be taxed as capital gain and not business income - HELD THAT - SLP dismissed.

Summary

The Supreme Court of India dismissed the special leave petition with the delay condoned. The respondent did not appear. (Case Citation: 2019 (7) TMI 972 - SC)