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TMI Blog2018 (8) TMI 1853X X X X Extracts X X X X X X X X Extracts X X X X ..... as capital gain and not business income - HELD THAT:- The provisions of Section 45(3) of the Act clearly states that for the purposes of Section 48, the amount recorded in the books of accounts as the value of the capital assets shall be deemed to the full value of the consideration. In our understanding of the facts, the HUF proprietary concern could not have envisaged the value of the trademark/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Income tax Appellate Tribunal dated 26.2.2018 raising following question for our consideration. Whether the Appellate Tribunal has substantially erred in deleting the penalty u/s.271(1)(c) of the Act of ₹ 1,13,30,000/which was levied by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the treatment of the consideration of ₹ 5 crores is concerned, the dispute is settled and the same has to be taxed u/s.45 of the Act. Admittedly, it is a fact that in spite of the findings of the Tribunal, the A.O. Treated the same as income under the business head. The provisions of Section 45(3) of the Act clearly states that for the purposes of Section 48, the amount recorded in the books ..... X X X X Extracts X X X X X X X X Extracts X X X X
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