2002 (1) TMI 50

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..... n the facts and in the circumstances of the case, the Tribunal was right in law in holding that the payment of annual lease to the company in lieu of transfer of assets is not an expense of capital nature?" The assessee is a registered firm. It filed its return of income for the assessment year 1978-79. It had taken over the business from M/s. Metro Motors for a consideration of Rs.1 lakh. It h .....

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..... sel cannot be accepted. It has been found as a fact that the assessee had paid an amount of Rs.1 lakh to Metro Motors Private Limited "as goodwill". Still further, nothing has been produced on record to show that there was any payment except the annual lease money of Rs.5,000 for transfer of assets. In fact, the Tribunal has rightly found that the annual lease of Rs.5,000 was in lieu of transfer o .....

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